• BANKS AND OTHER FINANCIAL SERVICES FIRMS CONSIDERING RELOCATING PARTS OF WORKFORCE AWAY FROM UK AFTER VOTE TO LEAVE EUROPEAN UNION

• ACCESS TO SINGLE MARKET THROUGH PASSPORTING VITAL TO FINANCIAL SERVICES INDUSTRY

Synechron, Inc, a global consulting and technology innovator in the financial services industry, today announced the results of its analysis that determined it would cost banks and other financial services companies an average of £50,000 per employee to relocate parts of their UK workforce to another European city in the wake or Brexit. The company calculated the figure using estimated relocation, hiring and redundancy costs, new building and rent costs and other infrastructure & some contingency costs.

Tim Cuddeford, a London-based member of Synechron’s Business Consulting Practice said: “Following the UK’s decision to leave the European Union, many banks and financial services firms are having to consider where best to locate certain parts of their workforce. Financial ‘passporting’ is vital to the work many banks undertake across Europe and they will have to think carefully about which city within the EU their interests and their clients’ interests will be best served.

“Our calculations show that it could cost these firms on average £50,000 per employee to relocate parts of their workforce out of the UK, perhaps to financial centres such as Amsterdam, Dublin, Paris and Frankfurt. Other cities may be just as competitive and worth considering as long as there is access to similar talent pool and infrastructure.”