City Banks Threaten Brexit Job Moves!


Within the enclave known as the City of London, two of the investment banks, from within, have announced that some staff will have to relocate abroad when the UK leaves the EU.

It has been reported that Stuart Gulliver, who is HSBC’s Chief Executive, has stated that he is preparing to move 1,000 staff from London to Paris.  In a mirrored threat, Swiss Bank UBS’s Axel Weber has threatened a possibility of approximately the same number of jobs being effected.

This most certainly will be a Brexit trend as other copycat banks within the Londonium bubble follow their piers lead.  Which will possibly lead to the relocation of a few thousand more suited individuals.  But it certainly looks as though HSBC could be the first one to start evacuating their employees to Germanic fields of concrete.

Whether this is due cause for concern or just tactics to show some teeth in relation to Brexit is quite frankly beyond my armchair expertise, or lack of it,  but I will say this:

Jobs moving, doesn’t actually sound like anyone is being made redundant or fired, just sounds like they’re on the move to me!   Anyway, it’s only a few thousand having to relocate, not that significant when you compare it to a couple of other UK industries where, over the years, they have had to continually haemorrhage jobs and staff.

In the late 60’s into the early 70’s, before the ‘Common Market’ we had two closely linked industries, Coal Mining and Steel, between the two of them, employing around 697,000 people.  As each decade came huge chunks of jobs, in the tens and sometimes hundreds of thousands, were laid waste.  

Ok, to be fair, not all the fault of the ‘Common Market’, and I’ll concede burning fossil fuels is not a good thing.

The miners, their lives and communities, were systematically crushed by political motivation.  Those same politicians then allowed, through the EU, the destruction of most of our steel industry, by the sort of trade deals and importation of cheaper quality product that then priced our good quality products out of the market place.

During that time the 697,000 employed shrank to a conservative 30,000; now that is what I really call a loss of jobs, 667,000 of them!  

So seriously, with that sort of job deprivation and community wasteland creation inflicted on us by politicians and their power games over the last few decades, do you really think that myself and possibly the 667,000 who ended up unemployed, during those years, could really give a tinkers cuss about a few thousand London based banking/city workers having to move house and country?  

Well honestly, what do you think?

© Ian Welch 2017