[arc0]

How much is $120B relative to the total assets held in the UK by Morgan Stanley? The number of jobs which have been moved out of London seems relatively small (7500 across the entire financial sector, single companies in London employee more than that).

[rndgermandude]

7500 was October, not it's more than 8000. That would make it about 3-4% of "high finance" positions* so far moved out of the UK into the EU. That's not an exodus yet, but it's not nothing either.

Then again, a lot of the transitions aren't finished yet either, and a lot of it is dependent on the final Deal or No Deal. It also takes time to do the groundwork if you want to move, like create the legal infrastructure and entities and the associated due diligence, rent office space, hire or relocate people, and so on.

So, it's too early yet to conclude anything in either direction, in my opinion.

[*] Hard to tell what is the true number of "high finance" employees in the UK. Given there are roughly 180K finance and insurance employees in the City of London, and most of the "high finance" is concentrated there, I'd guestimate 200-250K such "high finance" employees in the UK total, but I could be massively wrong. There are numbers putting the full time financial and insurance employees in the UK at 1.1M employees, but that includes bank tellers dealing with people wanting to buy a house and agents selling life insurance, etc.

[nbevans]

My wife's department (at an unnamed major investment bank in London) just gave up on trying to hire for a position in Frankfurt. They'd been trying to fill it all year. They're now going to hire for it in their UK branch office (not London). By having the role in the UK will breach the EU regulations for the role in question - I don't know what their medium-long-term plans are though. It's a shit situation when you literally "can't find the staff".

[loremipsium]

could you elaborate? I would have guessed that especially in finance hiring in major cities is just a matter of compensation.

[arethuza]

I think in every statement like "we can't find employees" there is an implicit "at the amount of money we want to pay".

[arc0]

Are German bankers paid that much more than British bankers then?

[arethuza]

I have no idea - perhaps there is a shortage of bankers in Germany because of banks moving there?

[greatpatton]

I mean that can attract people from all over Europe to take these positions. It's likely a question of money.

[travmatt]

If everyone suddenly has great need of them while demand for British bankers collapses, then yes.

[tremon]

I'm guessing that at least some financial institutions have been moving (part of) their London operations to mainland Europe, thereby creating a shortage of available workers there. That will probably self-correct over time, but it doesn't help the situation right now.

[nbevans]

They were hiring for a low-rank employee that would take training and instructions from London.

[_Microft]

Does their Wikipedia article [0] help to answer this question? It has numbers for 2020 in the table near the top. I would assume these number refer to the situation worldwide?

[0] https://en.wikipedia.org/wiki/Morgan_Stanley