“Governments that do not respect central bank independence
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RESERVE BANK OF INDIA DEPUTY GOVERNOR VIRAL ACHARYA, P
BAML to move top bankers to Paris after Brexit
BANK OF AMERICA MERRILL LYNCH is moving two of
its most senior bankers, Luigi Rizzo and Michael
Coppock, to Paris after giving them additional
roles as it puts in place its leadership team for
European Union operations after Brexit.
BAML said Rizzo, head of EMEA
investment banking, will assume the
additional role of head of EU corporate and
INVESTMENTûBANKINGû(EûWILLûJOINûTHEû%5û
leadership team under Bruce Thomson, the
FORMERûlNANCEûCHIEFûWHOûHASûBEENû
appointed CEO of BAML’s EU operations in
$UBLIN
#OPPOCK ûHEADûOFû%-%!ûlNANCIALûINSTITUTIONSû
corporate banking, will assume the additional
role of head of EU corporate banking.
BAML said Rizzo and Coppock will both
move to Paris at some point in 2019. They
will join a number of other senior sales and
TRADINGûSTAFFûMOVINGûTOûAûNEWûOFlCEûINûTHEû
French capital from London next year as
part of BAML’s Brexit planning.
"!-,ûLASTûYEARûPICKEDû$UBLINûASûITSûNEWû
EU banking and markets base once Britain
leaves the bloc, which is due to take place at
the end of March 2019. But it has said other
roles will move to other EU locations - and
Paris appears the preference.NOMURA MOVES STAFF
Japan’s NOMURA, meanwhile, is set to move
slightly fewer than 100 staff to continentalEurope from London after setting up a hub in
Frankfurt for its EU trading operations after
Brexit, a person familiar with the matter said.
Some staff have already moved and other
AFFECTEDûSTAFFûHAVEûBEENûNOTIlEDûTHATûTHEYû
may need to move, the source said.
Most of the staff who move will go to its new
entity in Frankfurt, although a small number are
MOVINGûTOûOTHERûOFlCESûSUCHûASû0ARISûORû-ILAN
Many banks have already moved client
COVERAGEûANDûlNANCEûBANKERSûANDûSALESûSTAFFû
where it makes sense to be closer to big clients in
Paris, Frankfurt, Milan or Madrid. But bankers
SAIDûlRMSûWANTûTOûMOVEûTRADERSûANDûSYNDICATIONû
teams as late as possible to limit cost duplication.
Steve SlaterBREXIT: WHO IS DOING WHAT
UK BANKS
Barclays Making Dublin its hub for EU trading after Brexit. Transferring all its EU branch operations to its Irish bank. Expected to roughly double its current
Dublin headcount of about 120 staff
HSBC Chosen Paris as HQ for EU trading. Already runs one of France’s biggest banks, so fully licenced. Expects to relocate about 1,000 people to Paris,
depending on severity of divorce terms. Has started shifting ownership of EU subsidiaries and branches to French business
Lloyds Plans three subsidiaries in EU - including a new unit in Berlin. Another is expected in Frankfurt for euro bond trading and one in Luxembroug for life
insurance customers. It already has 300 people in Berlin.
RBS Expected to choose Amsterdam as EU hub for NatWest Markets, using a licence left over from its purchase of ABN a decade ago. Expected to have 150
staff in Amsterdam. It has set aside an extra £100m for possible losses from customers due to Brexit.
StanChart Using Frankfurt as its EU base, awaiting approval to turn it into a subsidiary from a branch. StanChart has a modest European presence and will hire
locally, so less than 20 staff in London are expected to be affected.EUROPEAN BANKS
BNP Paribas May move up to 300 London investment bank staff due to Brexit, a source said. It has 3,123 staff in its CIB operations in Britain.
Credit Agricole Could relocate about 100 staff from its London hub to Paris, out of 1,000 based in Britain.
Credit Suisse Picked Frankfurt, Madrid and Luxembourg as post-Brexit EU hubs. Expected to move 50 investment bankers to Germany, 50 to Madrid and up to
150 more to Luxembourg and elsewhere, sources said. It has about 5,500 London staff
Deutsche Bank Making Frankfurt primary booking hub for investment bank clients. It will transfer assets to Frankfurt from London - possibly three-quarters of its €600bn
of assets currently in London. Staff also expected to move. It could involve 2,000 staff or more if supervisors are strict. Deutsche has 9,000 staff in Britain
Societe Generale Could move 400 CIB jobs out of London, mostly to Paris, where the bank is based.
UBS Will relocate some of its 5,500 staff in London to Frankfurt, possibly up to 1,500. Cost will be more than SFr100m. Bank says has flexibility on EU locationsUS & ASIAN BANKS
BAML Set up broker-dealer operation in Dublin for EU trading. Plans to spread jobs across other cities, including Paris. Expected to move up to 1,000 jobs in
sales and trading, risk management, legal and compliance.
Citigroup Picked broker-dealer operation in Frankfurt for EU trading. Already had a big Dublin operation. Plans to add 150 to 250 staff across Frankfurt, Milan,
Amsterdam, Dublin, Luxembourg, Madrid and Paris by relocation or new hiring.
Goldman Set up broker-dealer operation in Frankfurt for EU trading. Also taken new buildings in Dublin, Frankfurt, Milan and Stockholm, and added space in
Paris and Madrid. Hundreds of staff expected to move, timing of key traders dependent on EU regulators.
JP Morgan Picked broker-dealer operation in Frankfurt for EU trading. It has also agreed to buy a Dublin building with room for 1,000 staff. Expected to move 400
staff in first wave, and more of its 16,000 UK staff could move later - maybe as many as 4,000 in total.
Morgan Stanley Set up broker-dealer operation in Frankfurt for EU trading. Expected to shift 300 jobs, including 200 to Frankfurt to double its headcount there.
Others spread in other locations, including Paris.
Wells Fargo Creating a Paris hub for EU investment banking and capital markets activity. Has applied to French regulator for licence.
Daiwa Securities The Japanese brokerage will set up a subsidiary in Frankfurt for its EU foothold. It has 450 staff working in the EU, mostly in London.
Mizuho Setting up a subsidiary in Frankfurt.
MUFG Picked Amsterdam as its EU investment banking base. Also considering a branch in Paris.
Nomura Japan’s largest brokerage has set up new Frankfurt entity for EU trading operations. It will move slightly fewer than 100 staff to the Continent from
London, mostly to Frankfurt, but also to Paris, Milan and elsewhere
Sumitomo Mitsui Its core banking unit SMBC is setting up a subsidiary in Frankfurt.
Source: company statements and executive comments compiled by IFR