UU HSBC Chief Execu

U.U. HSBC Chief Executive Stuart Gulliver estimated that around 20 percent of his 5000 London staff who work in global banking and markets would move to Paris in the event of Brexit depending on the terms The stakes are high Britain’s financial industry could lose up to 38 billion pounds ($48 billion) in revenue if it ends up with restricted access to the EU single market according to a report commissioned by an industry group Banks have been quick to quash any media reports that they have already decided how many employees to relocate But consultancy firm Oliver Wyman estimated that if finance firms lose the right to sell their services freely across Europe 75000 jobs in Britain may disappear Those jobs wouldn’t necessarily all reappear in other EU countries as banks may decide that the difficulty of relocation makes some parts of their business unviable Nevertheless analysts at JP Morgan have estimated that eight major US and European banks face a combined $75 billion bill in the next five years if they need to move capital markets operations out of London Under British law an employer cannot force workers to move abroad without risking a breach of their contracts giving staff the opportunity to claim constructive or wrongful dismissal Even those firms which have negotiated clauses theoretically allowing them to transfer staff to a location of their choice may find it hard to enforce such provisions at tribunals that handle employment disputes “Tribunals are very sensitive about whether it is reasonable to enforce these clauses on any employee because of their own circumstances They may have children in schools partners who work for other firms who might not be able to relocate” said Kevin McCavish who heads the employment team at Shoosmiths law firm “Exercising those clauses must be done in a reasonable fashion – giving employees adequate advance notice and consultation giving relocation packages etc” McCavish said Relocation or redundancy Many employers must decide whether to move London-based staff or pay them off and hire new workers where any new foreign operation is set up Neither option will be cheap and both carry significant legal risk “For many operations with the exception of key personnel (redundancies) might be their preferred choice It probably would be cheaper and that would give the bank the flexibility to recruit in other jurisdictions” McCavish said McCavish has already received inquiries from worried employees “Their concerns are mainly about the financial packages that the bank is proposing for them They are concerned the bank isn’t actually considering relocating their jobs – it is more a question of the bank making everyone redundant at their place of work in the UK, to call 911 while 12-year-old Jaden ran to get shovels and spades to break up the clumped dirt surrounding their dad. respectively. Zimmer also said he expects car ownership will "all but end" in major U.

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