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Swiss tech companies find that there isn't enough talent within Switzerland unless they are focusing purely on the Swiss market. Cost of living is higher than London in somewhere like Geneva. For growing US tech companies, what is the main reason why they want to open a tech office in Europe? If it's just regulatory / business / tax stuff, there's no need to employ developers: it could just be business & legal side. If it's access to talent then London is still great. Perhaps that will decline as it won't be as easy to bring EU citizens over to work there. I know that the Silicon Valley salaries can be several times higher than in London, but for some Europeans it just doesn't seem super attractive to live and work in the US.