The Possible City of London Brexodus

The EU in Brussels has today given official powers to its top Brexit negotiator. The former French diplomat Michel Barnier is not expected to begin talks until after the UK general election in June. Banks and financial institutions are already preparing for the world after Brexit and planning to pull some of their staff from the finance hub in the City of London.

Most banks want to keep a foothold in the EU common market. The exact details are still evolving but Deutsche Bank for example is planning to relocate some 4,000 jobs to someplace else in the EU or Eurozone. Locations which could profit from the banker's Brexodus are Frankfurt and Paris but also Dublin, according to a report by Bloomberg.