下周开始金融行业打裁员，预计伦敦金融会裁员7万人左右，约10%的工作。其中JP Morgan 裁员 4000人左右。
主要被裁的是交易Trading,和受MiFID passports影响的业务。
What will the end of ‘passporting’ mean in practice?
The really big issue for banking jobs in London is the end of so-called “passporting” into the EU. Dating back to 1993, passporting has allowed banks headquartered in London to operate across the EU using a branch network without regulatory authorization in each country.
In a note out last year, the Bank of England pointed out that in the absence of passporting after a Brexit, a London-based bank that wants to operate in the EU will need to become authorized in each country. Without passporting rights, and absent a so-called “equivalence” agreement, whereby London is able to access European markets because its regulations are deemed ‘equivalent’ to those in Europe, London-based banks would find it impossible to operate.
In a worst case scenario, Law firm Ashurst says it’s plausible that the end of passporting could mean that UK-based firms, “lose their MiFID passports and therefore cannot deal with EU-based clients (at least in the short term, as it is unlikely the UK would receive a MiFID equivalence assessment in time). ”
That’s huge: MiFID II governs trading in everything from equities to fixed income securities, derivatives and money market instruments. It explains why banks are in such a hurry to activate contingency plans and shift role to European subsidiaries.
According to an analysis of the banks’ corporate filings by Reuters, JP Morgan, Bank of America Merrill Lynch, Deutsche Bank AG, Nomura Holding and Morgan Stanley all said their main UK arms paid no corporation tax.
Britain’s financial services sector grew rapidly between 2006 and 2009. The UK economy has long been a dominant player in financial services, along with the US, but growth in the sector between 2006 and 2009 was particularly rapid. By 2009, the sector accounted for 10% of UK GDP, the highest of all G7 economies. The second highest was Canada at 6.7%, and the lowest was Germany at 3.9%. The dominance of the sector in Britain meant it was hit harder by the financial crash. Its share of the economy fell by 2.9 percentage points, while it remained roughly stable in other major economies. Output in the UK financial services sector is still 13.6% below pre-crisis levels according to the latest ONS data.