Following the Brexit, US banks have begun placing roles in other, non-UK, European cities – a report from DHR International has found.
DHR International said rival European financial cities - such as Frankfurt, Germany, or Paris, France – were taking London’s growth – City AM reports.
This report validates the warnings of jobs moving abroad that were foretold in the weeks, and months, leading up to the EU referendum.
DHR International’s Managing Partner, Stephane Rambosson, says: “[Brexit is a] handy excuse for getting on [with] the unpleasant task of moving jobs outside London.”
The recruitment firm suggests that post-Brexit cost-cutting is being sped up with the relocation of roles to other cities.
Rambosson adds: “Firms were already making plans to move middle and back office roles out of London in order to cut costs, but now Brexit has acted as a catalyst for radical surgery, providing firms with the impetus to act on these plans immediately.”