BANKS and financial services companies wishing to relocate their workforce from UK to another European city in the wake of Brexit and a potential loss of passporting rights will face costs as high as £50,000 per employee, according to New York-based consulting firm Synechron.
The estimated bill covers relocation, hiring and redundancy costs, new building and rent costs and other infrastructure and contingency costs.
“Financial ‘passporting’ is vital to the work many banks undertake across Europe,” said Tim Cuddeford, member of Synechron’s Business Consulting Practice. “They will have to think carefully about which city within the EU their interests and their clients’ interests will be best served.”
Cuddeford listed Frankfurt, Paris, Amsterdam and Dublin as viable alternatives to the City.