Why 90% Of London City Workers Want To Move Abroad

Why 90% Of London City Workers Want To Move Abroad

Source: www.expatfocus.com

90% of senior City staff want to move overseas“Recruitment firm Astbury Marsden says that 90% of senior City staff say they are keen to move overseas, a rise from the 77% recorded the previous year.”

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The main reason

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“The main reason for this growth in numbers is apparently down to the European Union's cap on bankers' bonuses which restricts banks from paying more than a year's salary to their employees as a bonus.”

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European Union's cap on bankers

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Senior City workers keen to move overseas, due they can earn substantially more in other

financial centers like Singapore and New York90%

According to a Recruitment firm Astbury Marsden




London's attractiveness as a location for bankers“The recruitment firm says that the bid to reduce bonuses along with increased regulatory powers has had a huge impact on London's attractiveness as a location for bankers to work in.“

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Motives for moving overseas for work

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“When questioned about their motives for moving overseas for work, 54% said it would be for career progression, 18% were expecting more exciting work and 16% said they wanted to enjoy lower taxes.”

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Major City institutions offer significant relocation packages“Most major City institutions offer significant relocation packages to its most talented staff to attract them to working in London and 51% of those questioned, said that the new bonus deferral regime had not made an impact on London's appeal as the base for a banking career.“

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The opportunity to work from home

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“The research reveals that 45% of City workers are now being given the opportunity for home working and when the data is analysed, 56% of staff in their 40s can regularly work from home while just 39% of staff who are aged in their 20s and 30s have the same opportunity.”

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Many City workers may be forced to move abroad

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“The financial services industry is not unanimous about the impact of Brexit and while big employers such as JP Morgan are saying that around a quarter of its 16,000-strong UK workforce could move…”

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Negotiations to leave the European Union

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“London's financial institutions will also be taking a keen interest in the negotiations to leave the European Union because much of the success for the industry in the UK is based on their ability to 'passport' their services within the EU.”

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Issue of where City of London workers may end up

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“This issue of where City of London workers may end up in the months and years to come has led to a report from accounting firm PwC stating that London is still the most attractive city to set up a financial services operation in Europe.”

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The hub for Germany's financial services

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“Frankfurt is an interesting result since it's the hub for Germany's financial services and home to the European Central Bank. The report from PwC highlights that if the UK loses the right to 'passporting' after leaving the European Union it will lose its place as the EU's strongest financial city.”

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British doctors are heading for Australia

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“Specialist recruitment firms for medics say that British doctors are heading for Australia and New Zealand with Canada also proving popular - and they point out that a GP in Australia will not only earn more than they do in the UK but work fewer hours too.”

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The hub for Germany's financial services

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“One interesting aspect to the Indeed survey is that of all EU workers who are looking for jobs abroad, 37% are looking for work in the UK, with 12% looking for jobs in France and 11% in Germany.”

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Why 90% Of London City Workers Want To Move Abroad