UK banks and other financial companies have shifted at least $1 trillion worth of assets out of the country and into the European Union because of Brexit. Many banks have set up new offices elsewhere in the European Union to safeguard their regional operations after Brexit, which means they also have to move substantial assets there to satisfy EU regulators. Other firms are moving assets to protect clients against market volatility and sudden changes in regulation. The figure represents roughly 10% of the total assets of the UK banking sector, and is a "conservative estimate" because some banks have not yet revealed their contingency plans. The financial services industry employs 2.2 million people across the United Kingdom , and contributes 12.5% of GDP. It generates $100 billion in tax revenue each year, according to the City of London Corporation.

Favoured Locations

  1. Frankfurt: Frankfurt is seen as attractive in terms of supervisory stability and influence, with the presence of the European Central Bank and Deutsche Bank. The city has already attracted UBS, JPMorgan (has publicly said up to 4,000 jobs could move but only several dozen staff have moved) and Goldman Sachs (has taken a new office in Frankfurt and plans to move 500 people to Europe but has only moved or hired 100 thus far). Lloyds, Standard Chartered, Credit Suisse, Citigroup and Nomura are among the banks that are planning to expand or set up new offices in Frankfurt in light of Brexit.
  2. Dublin: Dublin has tax advantages and has achieved earlier success in bringing in the European area, headquarters of big tech companies, such as Microsoft, Facebook and Google. However, its location is deemed less convenient than the London City. Barclays has already announced plans to expand into the Irish capital. Scottish asset manager Baillie Gifford is to establish a Dublin arm to Brexit-proof its business
  3. Paris: Paris has an attractive location and is already home to several major wholesale banks and the EBA. Yet, only HSBC and French bankers BNP Paribas, Crédit Agricole and Société Générale have so far announced to go in the direction of the Seine. HSBC has publicly said up to 1,000 jobs could move to Paris, but thus far has not moved any staff. Bank of America is set to move 200 staff  to Paris.
  4. Luxembourg: Luxembourg main selling point is its stability, together with its focus on investment funds, insurance and asset management. AIG, RSA, CNA Hardy and FM Global are examples of companies that decided to move parts of their activities to the Grand Duchy.
  5. Brussels: Brussels has the presence of the European Union's main governing bodies and supervisors. Lloyds and QBE Insurance Group already made their interest known to relocate to Belgium's capital. Additionally, the Belgian government announced in July 2017 that corporate tax would be lowered from 40 percent (the highest in Europe bar Malta and France) to 29 percent by 2020.
  6. Amsterdam: Amsterdam on average has a well-educated population and good financial supervision.Financial trading companies, such as Tradeweb and Radix Trading, already applied for licenses, together with Royal Bank of Scotland and Mitsubishi UFJ Financial Group. Despite that, the city struggles with the high cap Dutch law put on bonus schemes for bankers of 20 percent of their annual salary (compared to 100 percent for the rest of Europe). Royal Bank of Scotland, which expects to move 150 to Amsterdam, also has not moved any employees, an RBS source said.
  7. Madrid: Madrid has an established banking sector with Banco Santander and BBVA. The country is also showing signs of recovery from the financial crisis

Top Global Investment Banks in the UK

  1. JP Morgan
  2. Barclays
  3. Citi
  4. Deutsche Bank
  5. Goldman Sachs
  6. Crédit Suisse
  7. HSBC
  8. Morgan Stanley
  9. Bank of America
  10. UBS
  11. Société Générale
  12. Nomura
  13. BNP Paribas
  14. Royal Bank of Scotland
  15. Unicredit


  1. Tenet
  2. JLT Group
  3. Mazars Financial Planning Ltd
  4. Kerr Henderson Group
  5. Wilfred T Fry (Personal Financial Planning) Ltd
  6. Quilter PLC
  7. Raymond James Group
  8. Brewin Dolphin Ltd
  9. Foster Denovo
  10. Tavistock Group
  11. Wingate Group
  12. Beckett Investment Management Group
  13. Gibbs Denley Group
  14. Helm Godfrey Partners Ltd
  15. PI Financial Ltd
  16. Independent Financial Strategies Ltd
  17. Lovewell Blake Group
  18. Westminster Wealth Management LLP
  19. True Potential Group
  20. St. James’s Place Wealth Management Plc
  21. Harwood Wealth Management Group
  22. Ring Associates Ltd
  23. Legacy Private Wealth Ltd
  24. Canaccord Genuity Group
  25. Paradigm Norton Financial Planning Ltd
  26. Grant Thornton Group
  27. HFMC Wealth Group
  28. HSBC Bank Group
  29. Chantler Kent Investments
  30. Succession
  31. Joseph R Lamb Independent Financial Advisers Ltd
  32. Perspective Group
  33. Fairstone Group
  34. Validpath Ltd
  35. Hoyl Group
  36. Chadney Bulgin LLP
  37. Close Brothers Group
  38. Smith & Williamson Group
  39. Best Practice IFA Group Ltd
  40. UBS Group
  41. LEBC Group Ltd
  42. Lumin Wealth Management Ltd
  43. Lloyds Banking Group
  44. InPartnership
  45. Chase de Vere Group
  46. Lonsdale Services Ltd
  47. Pharon Independent Financial Advisers Ltd
  48. Central Investment Services (Scotland) Ltd
  49. Argyle Consulting Ltd
  50. Saunderson House
  51. Tilney Group
  52. N W Brown & Co Ltd
  53. Clayton Holmes Naisbitt Group
  54. Ludlow Wealth Management Group
  55. Punter Southall Group
  56. Portafina LLP
  57. Cullen Wealth Ltd
  58. The Private Office
  59. Balmoral Asset Management Ltd
  60. Chartwell Financial Services Ltd
  61. Wren Sterling Financial Planning Ltd
  62. Pannells Financial Planning Ltd
  63. Sense Network Ltd
  64. Barclays Group
  65. Advanta Wealth Ltd
  66. Attivo Group
  67. Sanlam Financial Services Group
  68. Skipton Group
  69. HFS Group
  70. Openwork
  71. Magus Private Wealth Limited
  72. Grosvenor Consultancy Ltd
  73. Smith & Pinching
  74. Hargreaves Lansdown Group
  75. Loveday & Partners Ltd
  76. KW Group
  77. Argent Wealth Ltd
  78. Principal & Prosper Holdings Ltd
  79. Calculis Financial Planners
  80. Network Direct Ltd
  81. LGT Vestra  
  82. Clairville York Ltd
  83. MacKenzie Investment Strategies Ltd
  84. Lomond Financial Management
  85. Investec Group
  86. Beaufort Financial Planning Ltd
  87. Gee & Watson Wealth Management
  88. Asset Management Financial Advisers Ltd
  89. Lighthouse Group
  90. Skerritt Consultants Ltd
  91. Russell Ulyatt Financial Services Ltd
  92. Wade Financial Services Ltd
  93. Charles James Financial Planning Ltd
  94. Cumberland Place Financial Management
  95. Estate Capital Financial Management Ltd
  96. Wills & Trusts IFP Ltd
  97. Lowes Financial Management
  98. The Royal Bank of Scotland Group
  99. Creative Advice Ltd
  100. Moore Stephens Group

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