Tuesday, June 6, 2023
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Bloomberg: JPMorgan’s EU Millionaires Surge in Post-Brexit Shift

JPMorgan Chase & Co.’s European business has seen a surge of top earners in Brexit’s transformation of banking, with 85 individuals taking home more than 1 million in 2021. William Shaw reports on Bloomberg Television.

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So how have some of the ranks there of JPMorgan millionaires change from London to Europe so back in 2015 which was the year before the brexit vote there were absolutely no Bankers with JP Morgan in Germany earning more than a million euros a year by 2019 that number had

Jumped to nine by 2021 which is the most recent year for which we have data it had soared to it’s soared to 85 and in fact there were seven Bankers there the same year that were making more than 3.5 million euros there’s a couple of different Trends going on there first of

All JP Morgan’s German office has expanded to taking a host of other European countries secondly because of brexit the bank has been shifting really well paid Traders and sales people to cities like Frankfurt and Paris so how has Goldman’s approach changed to doing business in the block so we’ve got

Something quite similar going on with Goldman so in the five years to 2020 one their head count at their german-based office increased Sevenfold to more than 900. now we should point out at this point that they’re London based office Goldman Sachs International has got a lot more people about 3 800 but that

Number has actually been in Decline now for a couple of years so does it mean they’ve turned their backs on London um certainly in a major way at this stage I mean if you look at London it’s still got an 82 billion pound Trade Surplus in financial and related Services

About twice the amount of dollars are traded here than are in the US so in many respects it’s still doing well but there are signs of a slide so for example starting from 2019 the UK’s share in foreign exchange in derivatives in Euro denominated derivatives have all Fallen about 10 percent

Um so major problems aren’t showing up yet but there are signs that all is not well so what does it mean for London as a whole how much has it suffered because of brexit I mean London still has got a major Allure for Bankers it’s obviously

Like a very desirable city to live in people like the Independent Schools they they like the cultural life it’s difficult to get people to move to locations outside of London without them quitting but at the same time there is a an inevitable sort of gravitational pull from the European Union being assisted

By European Union Regulators to pull more people away from London I think that probably will continue




  1. So the passing of Brexit is strongly correlated with great benefits to bankers / small segments of the populous. Let me guess, the folks who felt compelled to vote for it, the majority of the populous, have not benefited from its passing. Hmm, should we (continue to) be / act surprised?

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