Bulletguy Posted April 28, 2017 Share Posted April 28, 2017 Despite negotiations ongoing to build a new HQ in London, nearly half Deutsche Bank 9,000 UK workforce could be forced to leave the country under pressure from regulators because of Brexit. JP Morgan, Goldman Sachs and HSBC are also considering moving out. Estimates of how many jobs will be affected by Brexit range from tens of thousands to 232,000 financial services jobs across the UK. https://www.ft.com/content/b950b28c-2a9e-11e7-bc4b-5528796fe35c https://www.theguardian.com/business/2017/apr/26/deutsche-bank-4000-jobs-at-risk-of-being-moved-out-of-uk-after-brexit https://www.theguardian.com/politics/2017/apr/04/uk-jobs-merkel-juncker-euro-clearing-eu-manfred-weber-brexit Link to comment Share on other sites More sharing options...
Guest pelmetman Posted April 28, 2017 Share Posted April 28, 2017 Oh dear how sad never mind :D ........ Link to comment Share on other sites More sharing options...
Bulletguy Posted April 28, 2017 Author Share Posted April 28, 2017 pelmetman - 2017-04-28 6:25 PM Oh dear how sad never mind :D ........ It's easy to be flippant when not facing a possible job loss. *-) Of course those who lose their jobs and don't manage to secure work will just end up on the welfare system so yet another brilliant Brexit "achievement". *-) Link to comment Share on other sites More sharing options...
antony1969 Posted April 28, 2017 Share Posted April 28, 2017 I didn't see any of those bankers crying into champagne lunches over the loss of jobs and repossessions for the ordinary man when they caused so much of the last crash ... What goes around comes round ... Anyway its all what ifs and maybes , lets wait and see Link to comment Share on other sites More sharing options...
Bulletguy Posted April 28, 2017 Author Share Posted April 28, 2017 antony1969 - 2017-04-28 7:12 PM I didn't see any of those bankers crying into champagne lunches over the loss of jobs and repossessions for the ordinary man when they caused so much of the last crash ... What goes around comes round ... Anyway [/b]its all what ifs and maybes,[/b] lets wait and see. Not really. It's all about "passporting" essential to banking which as an EU country UK has enjoyed the benefit of. The eurozone’s top banking watchdog has warned it will take a tough line in policing banks that relocate operations from the UK in response to Brexit, saying that lenders must move enough staff and resources to the continent to cope with the risks that they would run. Ms Lautenschläger said that, once the passport was gone, a simple method for banks wanting to safeguard access would be to relocate some operations to the euro area and apply for a banking licence from the SSM, something she said would come with stringent conditions. “We will only grant licences to well-capitalised and well-managed banks,” Ms Lautenschläger said. “We will not accept empty shell companies. Any new entity must have adequate local risk management, sufficient local staff and operational independence.” https://www.ft.com/content/aaf519f8-12f7-11e7-b0c1-37e417ee6c76 Link to comment Share on other sites More sharing options...
malc d Posted April 28, 2017 Share Posted April 28, 2017 It makes you wonder why, last month, Deutsche Bank committed themselves to having new offices built in London - to come into use in 2023. :-| Link to comment Share on other sites More sharing options...
Bulletguy Posted April 28, 2017 Author Share Posted April 28, 2017 malc d - 2017-04-28 8:41 PM It makes you wonder why, last month, Deutsche Bank committed themselves to having new offices built in London - to come into use in 2023. :-| Property investment......and being in London, a fast appreciating asset. Link to comment Share on other sites More sharing options...
Brian Kirby Posted April 28, 2017 Share Posted April 28, 2017 Bulletguy - 2017-04-28 8:21 PM antony1969 - 2017-04-28 7:12 PM I didn't see any of those bankers crying into champagne lunches over the loss of jobs and repossessions for the ordinary man when they caused so much of the last crash ... What goes around comes round ... Anyway [/b]its all what ifs and maybes,[/b] lets wait and see. Not really. It's all about "passporting" essential to banking which as an EU country UK has enjoyed the benefit of. The eurozone’s top banking watchdog has warned it will take a tough line in policing banks that relocate operations from the UK in response to Brexit, saying that lenders must move enough staff and resources to the continent to cope with the risks that they would run. Ms Lautenschläger said that, once the passport was gone, a simple method for banks wanting to safeguard access would be to relocate some operations to the euro area and apply for a banking licence from the SSM, something she said would come with stringent conditions. “We will only grant licences to well-capitalised and well-managed banks,” Ms Lautenschläger said. “We will not accept empty shell companies. Any new entity must have adequate local risk management, sufficient local staff and operational independence.” https://www.ft.com/content/aaf519f8-12f7-11e7-b0c1-37e417ee6c76 And with the jobs will go the business. The UK economy is 80% services, and most of that is financial services. So, less tax income for the UK government, and more for other EU governments. Smaller UK economy, fewer people in well paid city jobs, lower revenue to the exchequer = fewer people able to pay for new roofs. It won't all happen at once, but the writing is on the wall. It'll be a gradual decline, though faster than for manufacturing and other capital intensive sectors. Still, as the man said when he fell off the roof of the Empire State building, "so far so good"! Link to comment Share on other sites More sharing options...
Guest pelmetman Posted April 28, 2017 Share Posted April 28, 2017 Bulletguy - 2017-04-28 8:47 PM malc d - 2017-04-28 8:41 PM It makes you wonder why, last month, Deutsche Bank committed themselves to having new offices built in London - to come into use in 2023. :-| Property investment......and being in London, a fast appreciating asset. Not for much longer according to you RemOAners ;-) ....... Link to comment Share on other sites More sharing options...
nowtelse2do Posted April 28, 2017 Share Posted April 28, 2017 Me thinks they had better bu**er off quick then, or they will get left behined. I thought we had until 2019 before we left.........we should stop paying the rent now. Dave http://www.dailymail.co.uk/news/article-4452818/Britain-airbrushed-EU-maps-Brexit.html Link to comment Share on other sites More sharing options...
Bulletguy Posted April 28, 2017 Author Share Posted April 28, 2017 nowtelse2do - 2017-04-28 9:58 PM Me thinks they had better bu**er off quick then, or they will get left behined. I thought we had until 2019 before we left.........we should stop paying the rent now. Does that include stopping payments to the EU pension pot for that blood sucking hypocrite Farage and his chums? Somehow i doubt he'd be too pleased about that. ;-) Link to comment Share on other sites More sharing options...
nowtelse2do Posted April 28, 2017 Share Posted April 28, 2017 No way Paul. I think we should double his. ;-) (lol) Link to comment Share on other sites More sharing options...
Guest pelmetman Posted April 29, 2017 Share Posted April 29, 2017 nowtelse2do - 2017-04-28 10:53 PM No way Paul. I think we should double his. ;-) (lol) High time he was made a Lord B-) ....... Link to comment Share on other sites More sharing options...
RogerC Posted April 29, 2017 Share Posted April 29, 2017 Interesting how when one looks at just where all the 'threats, must relocate, hit the UK hard etc' comments are coming from and oh surprise surprise the greater majority of those calling for the UK to relinquish this and that, that business will have to flee the UK etc.......oh my they are Germans.......that richest of EU member countries but according to some has no dominant influence on the EU!!!! In addition the predicted job losses in the 'City' is predicted to be in the region of 5-7%. Now the spin off that will, should the losses be proven to be correct, undoubtedly hit some lower paid associated and peripheral jobs is regrettable I won't loose much ........'any' sleep over a few of those who work in an industry that has in the past brought misery to millions, has manipulated and cheated millions of people through Libor manipulation, has 'fixed, cheated and co-operated to fix(fiddle) financial markets to enrich their own bottom line. If indeed they do suffer then ...."Oh dear so sad....never mind". Link to comment Share on other sites More sharing options...
Bulletguy Posted April 29, 2017 Author Share Posted April 29, 2017 nowtelse2do - 2017-04-28 10:53 PM No way Paul. I think we should double his. ;-) (lol) I detect a sardonic sense of humour in your reply! (lol) Link to comment Share on other sites More sharing options...
malc d Posted April 29, 2017 Share Posted April 29, 2017 It's also been predicted that there will be a lot of vacancies on farms in Lincolnshire after Brexit, so the bankers could move up there. :-| Link to comment Share on other sites More sharing options...
Guest pelmetman Posted April 29, 2017 Share Posted April 29, 2017 malc d - 2017-04-29 2:31 PM It's also been predicted that there will be a lot of vacancies on farms in Lincolnshire after Brexit, so the bankers could move up there. :-| One can never have enough filthy rich manure on a farm >:-) ......... Link to comment Share on other sites More sharing options...
Bulletguy Posted April 29, 2017 Author Share Posted April 29, 2017 pelmetman - 2017-04-29 5:09 PM malc d - 2017-04-29 2:31 PM It's also been predicted that there will be a lot of vacancies on farms in Lincolnshire after Brexit, so the bankers could move up there. :-| One can never have enough filthy rich manure on a farm >:-) ......... Brexit country so there's going to be a lot of surprises when you lot find dole is no longer an option and end up on the plantations. You will rue the day you voted to punch yourselves in the face. (lol) Link to comment Share on other sites More sharing options...
Brian Kirby Posted April 30, 2017 Share Posted April 30, 2017 RogerC - 2017-04-29 12:11 PM.................................In addition the predicted job losses in the 'City' is predicted to be in the region of 5-7%. Now the spin off that will, should the losses be proven to be correct, undoubtedly hit some lower paid associated and peripheral jobs is regrettable I won't loose much ........'any' sleep over a few of those who work in an industry that has in the past brought misery to millions, has manipulated and cheated millions of people through Libor manipulation, has 'fixed, cheated and co-operated to fix(fiddle) financial markets to enrich their own bottom line. If indeed they do suffer then ...."Oh dear so sad....never mind". Well, yes and no, Roger. The problem is that you correctly identify the sins of a sector of our economy, with which I am in complete agreement. However, where I disagree is that you then appear to be content for the little guys to pay the price for the behaviour of senior management, most of whom seem to still be in post, and will merely re-locate out of the UK and into European centres such as Frankfurt, presumably expenses paid, with suitable "compensation" packages. The loss in jobs in UK is just that, it is not an overall loss in financial sector employment, it won't "punish the banks" at all, and is just a relocation into EU centres to continue with business as usual. Those who get the order of the boot will be the "back office" staff, who will be replaced by inhabitants of whatever city the institutions variously decide to settle. There is no natural justice, as I see it, in that, and no benefit whatever to the UK. Link to comment Share on other sites More sharing options...
RogerC Posted May 1, 2017 Share Posted May 1, 2017 Brian Kirby - 2017-04-30 10:17 PMRogerC - 2017-04-29 12:11 PM.................................In addition the predicted job losses in the 'City' is predicted to be in the region of 5-7%. Now the spin off that will, should the losses be proven to be correct, undoubtedly hit some lower paid associated and peripheral jobs is regrettable I won't loose much ........'any' sleep over a few of those who work in an industry that has in the past brought misery to millions, has manipulated and cheated millions of people through Libor manipulation, has 'fixed, cheated and co-operated to fix(fiddle) financial markets to enrich their own bottom line. If indeed they do suffer then ...."Oh dear so sad....never mind".Well, yes and no, Roger. The problem is that you correctly identify the sins of a sector of our economy, with which I am in complete agreement. However, where I disagree is that you then appear to be content for the little guys to pay the price for the behaviour of senior management, most of whom seem to still be in post, and will merely re-locate out of the UK and into European centres such as Frankfurt, presumably expenses paid, with suitable "compensation" packages.The loss in jobs in UK is just that, it is not an overall loss in financial sector employment, it won't "punish the banks" at all, and is just a relocation into EU centres to continue with business as usual. Those who get the order of the boot will be the "back office" staff, who will be replaced by inhabitants of whatever city the institutions variously decide to settle. There is no natural justice, as I see it, in that, and no benefit whatever to the UK. Re the above.....I did say that some losses would be regrettable so no I am not content for the 'little guys' to pay the price. However in the real world where the little guy appears to always be the one getting the mucky end of the stick in this instance it might just be that some of the 'stick holders' will soon become aware of the muck at the other end. Clearly it won't punish the banks but it might....just might make life a little or even a great deal more unpleasant for some of those who made life untenable for so many millions through their selfish greed in manipulating the money markets thereby causing mortgage defaults, homes repossessed etc. In the end though I doubt very much that even if the Euro market is 'bullied' out of London by the German dominated EU decision makers that the 'City' will take very long to recover through other means and markets. Link to comment Share on other sites More sharing options...
Guest pelmetman Posted May 1, 2017 Share Posted May 1, 2017 Brian Kirby - 2017-04-30 10:17 PM There is no natural justice, as I see it, in that, and no benefit whatever to the UK. But it'll help re balance our economy ;-) ........ Link to comment Share on other sites More sharing options...
Archiesgrandad Posted May 1, 2017 Share Posted May 1, 2017 whtaever you think, whatever you read, whatever you heard, whoever said it, or wrote it,,,,,,,NOBODY KNOWS WHAT THE OUTCOME WILL BE. We are at the start of a long period on negotiations, one day we may know more. AGD Link to comment Share on other sites More sharing options...
Brian Kirby Posted May 1, 2017 Share Posted May 1, 2017 pelmetman - 2017-05-01 6:35 PM Brian Kirby - 2017-04-30 10:17 PM There is no natural justice, as I see it, in that, and no benefit whatever to the UK. But it'll help re balance our economy ;-) ........ Eh? How do you get to that conclusion? Link to comment Share on other sites More sharing options...
Brian Kirby Posted May 1, 2017 Share Posted May 1, 2017 Archiesgrandad - 2017-05-01 7:22 PM whtaever you think, whatever you read, whatever you heard, whoever said it, or wrote it,,,,,,,NOBODY KNOWS WHAT THE OUTCOME WILL BE. We are at the start of a long period on negotiations, one day we may know more. AGD To the extent that no one can foresee what Harold Macmillan called "events", that is true. However, there are quite a few people who can make intelligent forecasts of what the results might be, given various possible outcomes. It just requires people to read the fine print in their forecasts as well as the headlines. It is no different to a route plan: we know the starting point, we know the objective, and we know the route we wish to follow from 'tother to which. What we don't know is where the roadworks will be, what the weather will be, and whether all the filling stations will be open. But, if we make sensible provision for such unknowns, we can still estimate when we shall arrive, and can correct that estimate as events unfold along the way. There is no need for us to sit quietly in the dark for the next two years, and just wait to see what Auntie Teresa (assuming the general election isn't her swan song - another unknown!) comes up with. I'm not a fan of management by mushroom. Link to comment Share on other sites More sharing options...
Guest pelmetman Posted May 1, 2017 Share Posted May 1, 2017 Brian Kirby - 2017-05-01 7:59 PM pelmetman - 2017-05-01 6:35 PM Brian Kirby - 2017-04-30 10:17 PM There is no natural justice, as I see it, in that, and no benefit whatever to the UK. But it'll help re balance our economy ;-) ........ Eh? How do you get to that conclusion? Well maybe our politicians will focus on our manufacturers instead of the spivs for a change ;-) ....... Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.