Banks reassure staff, but recruiters expect carnage

Bank of England
By Owen Sanderson
24 Jun 2016

Despite the carnage in UK and European bank shares, the bosses of major investment banks have reassured staff that immediate changes won’t follow. But recruitment industry sources predict the opposite, with one headhunter citing client plans to move 37,000 jobs to countries that plan to stay in the European Union.

“For anyone in a financial services job, this will make Lehman look like a village fete,” said the headhunter. He added that it would likely mean another huge leg down for compensation in those that were still employed in London, perhaps another 30% down for large US firms.

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