Although the total is very low compared to the 12,500 job transfers forecast by companies in 2016, when Britain voted in favor of leaving the bloc, more could follow, EY said in its latest Brexit monitoring program. EY said new Brexit-related local hires totaled 2,900 across Europe and 2,500 in the UK, where just over 1 million people work in the financial services sector. Further relocations could result from the European Central Bank’s checks on whether the Brexit nodes in the EU opened by banks using London as their European base had sufficient staff to justify their new licenses, EY reported. The Bank of England is scrutinizing them so that banks do not stay in London with very little senior staff. “Personnel and operations movements in European financial markets will continue as companies face continuing geopolitical uncertainty, post-pandemic dynamics and regulatory requirements,” said Omar Ali, EMEIA’s head of financial services at EY. Dublin is the most popular destination for staff and new hubs, followed by Luxembourg, Frankfurt and Paris. Subscribe to the Business Email daily email or follow the Guardian Business on Twitter at @BusinessDesk EY said Paris had the highest score in terms of job creation from London, with a total of 2,800, followed by Frankfurt with about 1,800 and Dublin with 1,200. The transfer of assets from London to EU hubs remains at around 1, 1.3 trillion, EY reported. He added that Brexit staff movements were part of a broader view of strategic business leaders and operating models. The bankers said privately that in the long run, it may not make commercial sense to have large centers in London and the EU.
