Newspaper article The Evening Standard (London, England)

100,000 Bank Jobs Will Go in Eu Exit Say Bosses; STAFF AT SOME INVESTMENT BANKS MAY FALL BY HALF, WARNS CITY CHIEF; Brexit 'Will Cause Largest Job Drain since Big Bang'

Newspaper article The Evening Standard (London, England)

100,000 Bank Jobs Will Go in Eu Exit Say Bosses; STAFF AT SOME INVESTMENT BANKS MAY FALL BY HALF, WARNS CITY CHIEF; Brexit 'Will Cause Largest Job Drain since Big Bang'

Article excerpt

Byline: Jonathan Prynn Consumer Business Editor exclusive

A VOTE to quit the European Union would trigger flood of up to 100,000 banking jobs out of London, senior City figures have warned.

One board-level banker told the Standard that "Brexit" would force dozens of banks that have their European headquarters in London to relocate highlypaid professionals to rival EU financial centres such as Frankfurt, Luxembourg and Dublin.

a He estimated that staffing levels at some investment banks in London could fall by as much as half, with a huge knock-on effect for the broader economy and property prices. The banking chief, Continued on Page 2 Continued from Page 1 who did not want to be identified, said: "I don't think people here have any idea just how much the other European centres would love to have the jobs and tax revenues we bring to London. We get approaches all the time from Europeans saying 'please move here, we'll give you tax breaks'."

His warning is one of a growing number from the City's "top brass" about the potential threat to jobs if Britain votes to pull out of the EU.

David Cameron has promised that the referendum will take place before the end of 2017 but many commentators now believe it will be called by next autumn. More than 250 foreign banks are based in London and they contribute about half the tax paid by the financial services industry in Britain. Mark Boleat, policy chairman at the City of London Corporation, said: "If as a country we were to vote to leave, then London's position as a leading financial centre would remain but without doubt there would be an impact on our relative size and the jobs we support."

Confidential client research from analysts at US investment bank Morgan Stanley, seen by the Standard, warned that "firms for whom the EU market is important" would need to "adjust their footprint" in London if the Eurosceptic cause was victorious.

Sir Mike Rake, deputy chair of Barclays and chairman of BT, said: "It is extremely difficult to quantify the number of jobs that would be lost and the time frame over which that might happen but leaving the EU would severely damage London's competitiveness and our financial services sector. …

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