It seems everyone benefits from Brexit except for Britain itself. Yet another country – Ireland - profits from Britain’s decision to leave the European Union. London may soon lose its status of the world’s financial center. A big number of financial companies, including large banks, plan to transfer a part of their staff and open offices in the EU. According to polls between managers, most firms plan a shift to Dublin.
Ireland became the most popular place for moving to among companies. The next two popular spots became Frankfurt and Luxemburg. The oldest among four largest banks of Britain, Barclays, was also among the corporations planning to settle in Dublin. Barclays intends to relocate its headquarters there. It was stated that JPMorgan have already bought office spaces and is getting ready for moving. Three Japanese creditors, Daiwa, Sumitomo Mitsui Financial Group and Nomura, announced they will set new offices in Germany’s financial center, Frankfurt.
However, some experts do not consider such a situation a fail of London. They point to the large number of cities chosen for relocation, which means there is no single alternative to London as the global financial center. “The variety of locations being announced highlights that no one European center is emerging as a compelling alternative to London,” Omar Ali, EY’s UK financial services leader, said.
Paris that was also striving to get the financial center status and attract bankers failed to enter the top three cities and resulted in the fourth place.
