niceguy37
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Post by niceguy37 on Jun 24, 2016 13:28:35 GMT
Assetz Capital have promptly sent out a mailshot, to presumably to calm the market, which is an admirable intention.
But some of it is worded a bit strongly, IMHO, for example:
"We know that the City is going to relocate large numbers of highly paid bankers to Paris, Dublin and the rest of Europe ..."
I think, rather, that we can only know what people have SAID they will do. I rather suspect that many comments pre-referendum were more an effort to sway opinion rather than a guarantee of action.
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registerme
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Post by registerme on Jun 24, 2016 13:36:53 GMT
Well, between them Morgan Stanley and JP Morgan have announced, today, plans to move 4000 jobs out of London to Europe (mainly Dublin and Frankfurt). That's on top of the general across the board downwards pressure on banking jobs in London because of the high cost environment EDIT that's been in play for a long time now (sorry, forgot to finish my sentence  ). |
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Post by bracknellboy on Jun 24, 2016 13:50:38 GMT
Well, between them Morgan Stanley and JP Morgan have announced, today, plans to move 4000 jobs out of London to Europe (mainly Dublin and Frankfurt). Nah, just Remainers scaremongering ahead of the vote. They won't actually do it. Oh, have I missed a day.
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Post by yorkshireman on Jun 24, 2016 14:14:33 GMT
That's on top of the general across the board downwards pressure on banking jobs in London because of the high cost environment EDIT that's been in play for a long time now (sorry, forgot to finish my sentence ). Well there we have it, another reason why there was strong support for Remain in London, turkeys don’t vote for Christmas. 
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Investboy
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Trying to recover from P2P revolution
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Post by Investboy on Jun 24, 2016 15:21:33 GMT
Well, between them Morgan Stanley and JP Morgan have announced, today, plans to move 4000 jobs out of London to Europe (mainly Dublin and Frankfurt). That's on top of the general across the board downwards pressure on banking jobs in London because of the high cost environment EDIT that's been in play for a long time now (sorry, forgot to finish my sentence ). Hmm... everyone in so called "banking" is getting rid off people / moving them to cheaper locations atm. Brexit or not.
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registerme
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Post by registerme on Jun 24, 2016 15:26:59 GMT
That's true (hence my edit), but in this case they specifically mentioned Euro clearing and EU passporting related businesses.
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Post by mrclondon on Jun 24, 2016 15:49:13 GMT
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registerme
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Post by registerme on Jun 24, 2016 15:51:02 GMT
I think we need to be very careful to separate out the pre-referendum "project fear" statements made both by politicians and businesses from post referendum fact......
Can anyone provide a link to a JP Morgan press release dated today concerning their plans to move jobs abroad ?
That's a fair point well made, and no, I can't find a JP Morgan press release, but there was a snippet about it on the BBC today.
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Post by bracknellboy on Jun 24, 2016 16:01:24 GMT
The Morgan Stanley one popped up on the 'Breaking News' banner which the BBC website (annoyingly) flashes up. However I can see no actual mention of it in the news section.
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Post by bracknellboy on Jun 24, 2016 16:26:22 GMT
(Admittedly the FTSE-250 has not recovered as strongly today) [gets beaten up by those more knowledgable but...]: The FTSE-100 contains a lot of companies who have large overseas earnings. presumably there is an element of off-setting going on due to the drop in sterling (boosting the GBP value of their foreign earnings). The makeup of the 250 however is somewhat different.
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bg
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Post by bg on Jun 24, 2016 16:32:26 GMT
The FTSE 250 is a far better representation of the UK economy than the FTSE100. Also bear in mind that equity prices in general have been weighed on over a fair period now ahead of this vote.....I would say a fair bit of the move was already in the price (if we had voted to remain there would have been a huge rally today).
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Post by mrclondon on Jun 24, 2016 17:02:57 GMT
bracknellboy bg Both very valid points. My guess is concerns about raw material pricing (imports) will be weighing on the FTSE-250 until we see how much of the drop in sterling is clawed back - my guess is not much more than it already has.
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