EU and UK are fighting for bankers and fund managers

Canary Wharf Financial District in London

Bankers expect a gradual shift of jobs from London to the EU.

(Photo: Bloomberg)

Frankfurt, London London bankers are in a festive mood, with the lucrative bonus season approaching. According to financial services Bloomberg, the bonus pool at British bank Barclays must be at least 25 percent higher than in the previous year. In US banks JP Morgan and Goldman Sachs, it should be 40 to 50 per cent higher for those making deals.

Even at Deutsche Bank, bankers who have worked on initiating acquisitions and securities placements can expect more than 20 per cent.

At first glance it seems that everything is fine in the city. The first year after Brexit was marked by a flurry of record IPOs, mergers and acquisitions (M&A) and extremely enthusiastic equity trading.

“It has been a very busy and hectic year,” said Katherine McGuinness, chief lobbyist for the City of London Corporation. “The financial sector coped well with Brexit.”

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