London-based finance professionals are applying for jobs in Hong Kong and Singapore in a bid to avoid the turmoil of Brexit, as the draft deal has no guarantee of being approved.
Recruiters in Hong Kong and Singapore have spotted a surge in enquires from London-based banking professionals wanting to relocate to Asia.
“As uncertainty over Brexit has grown during the last few weeks, we’ve seen an uptick from young Brits – mainly single people with no property or kids, who can relocate easily – wanting jobs in HK,” John Mullally, director of Hong Kong financial services at recruiters Robert Walters told specialised news outlet efinancialcareers.
“But the largest increase has come from Asians in London who are concerned about how Brexit could affect London as a finance centre and a place to build their careers. They think job-market sentiment is better back home,” he added.
The Square Mile could see up to 12,000 jobs lost in the short-term aftermath of Brexit with thousands more at stake longer term, the City of London Corporation has warned.
More than 2 million people work in financial services across Britain, with 396,000 in London.
Adam Davies, an associate director at recruiters iKas International in Singapore, is getting “a lot more” job applications from the UK, especially from EU nationals “who want a more stable career somewhere else, without the worry of Brexit”.
Following prime minister Theresa May’s announcement that a draft Brexit deal had been signed off by her cabinet, a string of resignations have caused a surge in market volatility as everything still hangs in the balance.
However, Paris is set to become Europe’s post-Brexit trading hub as the world’s biggest banks and asset managers prepare for life after the UK leaves the European Union, as reported by International Investment.