Together, 15 of the top investment banks employ almost 70,000 people in London. Cost pressures could see many of them move out of the capital and even off shore. One anonymous CEO was quoted as saying “You could be brutal and say only the front office client-facing guy for London" He estimates that as little as a fifth of the thousands his bank employs in London need to be there.
The future cuts from London that Mr Mainelli expects come on top of actions banks have already taken. Deutsche Bank, which employs 8,000 in the UK across its various business lines, has already put 2,000 jobs in lower cost Birmingham. Citi uses India to house some back office functions for its London business. JPMorgan has 4,000 technology and operations staff in the seaside town of Bournemouth, and more than 1,000 in Scotland. Morgan Stanley has 1,300 staff in Glasgow working on IT, operations and finance.