Barclays CEO Jes Staley has added to the long list of bank bosses to admit this week that operations will likely be shifted out of London as a result of the government’s hard stance on Brexit.
Speaking to the BBC earlier this week, Staley said that Barclays will move some jobs from the capital to either Ireland or Germany, where Barclays already has operations.
“We may have to move certain activities, we may have to change the legal structure that we use to operate in Europe,” he said in an interview with the broadcaster.
“Whether he have to route some activities through Ireland, or do something in Germany, those are the options that we are looking at,” Staley added.
He did not give any indication of how many jobs may be moved out of London and insisted that he believes the City will remain the “financial lungs” of Europe after Brexit.
“I don’t believe that the financial centre of Europe will leave the city of London. There are all sorts of reasons why I think the UK will continue to be the financial lungs for Europe,” he said. “The bulk of what we do will continue to occur in London in my view.”
Regardless of Staley’s reassurances, he is now the fourth bank CEO in less than a week to publicly admit that they will be shifting jobs out of London once the Brexit process has begun.
In the 72-hours since Theresa May delivered her Brexit speech in London signalling that Britain will leave the Single Market, Barclays, HSBC, JPMorgan, and UBS have all warned about job relocations, and there are reports that Goldman Sachs is planning as much behind closed doors.
“Well I’ve had positive meetings with bank CEOs here and also with CEOs from tech companies and others and the message I’ve brought here to Davos is that Britain outside of the European Union, we want to build a truly global Britain.”
“Financial services are of huge value to the British economy and of course the services that fit around the banks and asset management companies and insurance companies as well are important to us too.”