Where Will All The Bankers Go?Make Text Bigger
Following Theresa May’s speech yesterday the pound very quickly gained against the Euro. However, within hours both HSBC and UBS announced they would each be relocating 1,000 of their highest paid bankers to Europe. The BBC reported this would put further pressure on The Treasury due to the loss of income tax receipts. This didn’t have an adverse effect on currency though.
My question is this; will those bankers really move abroad just because their employers want them to?
Based on my own experiences I’m far from convinced they will want to go.
How is this any different to the landlords I speak to who love the idea of living in a Tax Haven, as I do in Malta, but don’t actually do it?
People have ties; kids in school and University, friends, social groups, elderly family etc.
Will these wealthy bankers actually move? Well some might but I suspect the other banks will snap them up if they’re as good as their salaries imply. If not they will probably just take early retirement or seek consultancy work. In the 90’s, many of the redundant bankers set up commercial finance brokerages. I know this because I sold franchises to several of them.
Have you noticed that every time our economy moves forward there seems to be an opposing set-back?
The conspiracy theorists (me included) might just see this as a bit more than just coincidence.
What are your thoughts?
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