[Cherie]

Vodafone is threatening to move UK jobs to the EU, and Goldman says banking jobs could go

Oscar Williams-Grut

Jun. 29, 2016, 7:48 AM 46,924 1
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Lloyd Blankfein, the chairman and CEO of Goldman Sachs. Mark Lennihan / AP/Press Association Images
The Brexit jobs exodus may be about to begin.

Vodafone is considering moving UK roles across the channel following Britain's vote to leave the European Union, and Goldman Sachs has warned that banks could do the same, according to reports.

The Times reports that Richard Gnodde, cohead of the Investment Banking Division of Goldman Sachs, wouldn't rule out moving some or all of the bank's 6,500 UK staff members to Europe when asked about Goldman's post-Brexit plans at the paper's CEO Summit on Tuesday.

Gnodde said "every outcome is possible," according to the report, and added: "If passporting was totally removed, we would have to adjust our footprint and where people were located."

Under the current arrangement, banks with a UK presence have the right to operate in any of the other countries in the 28-member EU bloc under single-market rules that allow them to "passport" their licence across the continent. Once the UK leaves the EU, these rights are likely to disappear, meaning banks will have to relocate if they want to continue operating across the continent.


A Goldman Sachs representative contacted Business Insider to say that Gnodde was speaking more generally about the banking industry rather than Goldman specifically. The person said in an emailed statement: "As we have already communicated to our employees, there is no immediate change to the way we conduct our business or where we conduct our business."

Goldman Sachs CEO and chairman Lloyd Blankfein also said in an emailed statement:

"We respect the decision of the British electorate and have been focused on planning for either referendum outcome for many months. Goldman Sachs has a long history of adapting to change, and we will work with relevant authorities as the terms of the exit become clear. Our primary focus, as always, remains serving our clients' needs."

While Gnodde's comments on Goldman's plans are far from concrete, the US ratings agency Fitch said in a note on Tuesday that it expected banks to "start strategically implementing parts of their contingency plans rather than wait for trade and service arrangements to be agreed."

JPMorgan has said it may need to move a quarter of its 16,000-member UK staff to the EU, and both HSBC and Morgan Stanley are believed to be planning to move 1,000 staff each to the EU, though Morgan Stanley denied recent reports. Other banks have announced possible moves too.

Away from banking, Vodafone is also threatening to move jobs out of the UK. The telecoms giant late on Tuesday said it could consider moving its headquarters out of the UK because a "very large majority of our 462 million customers, 108,000 employees, and 15,000 suppliers are based outside the UK."

According to the BBC, the company said in a statement: "The UK's membership of the European Union has been an important factor in the growth of a company such as Vodafone. Freedom of movement of people, capital, and goods are integral to the operation of any pan-European business as are single legal frameworks spanning all member states."

Vodafone says no firm decision has been made, as the framework of any potential Britain-EU trade deal is unclear. But if the company does end up relocating its headquarters, it could mean a huge number of job losses. Vodafone employs 13,000 across Newbury and London, according to the Financial Times.

[UPDATE: An earlier version of this article quoted a Times report that Goldman Sachs and Morgan Stanley had pre-rented office space in Frankfurt as an insurance policy. Goldman Sachs and Morgan Stanley have both denied this.]

[Cherie]

Is any company threatening to move in.

[arista]

Originally Posted by Cherie

Is any company threatening to move in.

Yes From Down Under and NZ.


Its Early days.
once the EU : 50 contract
is handed over in over 2 years
they will come to us in England /Wales



I can not conform Scotland
as we still do not know
if they are changing to using € money




Lots To Play For

[Toy Soldier]

Vodafone is rubbish

Gives bad signal

So you cannot conduct

Good business

Send them away

Better for all

Feck vodaphone

[joeysteele]

Originally Posted by Cherie

Is any company threatening to move in.

None of any note Cherie.

If we remain members of the single market,which I think we will now actually,despite what Gove has already indicated that from he,( and probably his wife), we won't, with all the conditions that will still entail for the UK, these companies are more likely to stay.

If not, these will be the first of a good number I'd guess to move across the Channel.

[bitontheslide]

we have 2 years to sort it out. When a government are actually held accountable for a company moving to europe because of a decision they have made, the outcome will be very different. Anyone who believes we will not integrate into a single market with the EU is living in the clouds

[Cherie]

Originally Posted by bitontheslide

we have 2 years to sort it out. When a government are actually held accountable for a company moving to europe because of a decision they have made, the outcome will be very different. Anyone who believes we will not integrate into a single market with the EU is living in the clouds

That's fine, they may not leave at all, but in the meantime the employees will have this hanging over them until the deal is done, it doesn't inspire confidence in the economy I expect a lot of small businesses will go to the wall as consumers hang on to their cash

[Toy Soldier]

Originally Posted by bitontheslide

we have 2 years to sort it out. When a government are actually held accountable for a company moving to europe because of a decision they have made, the outcome will be very different. Anyone who believes we will not integrate into a single market with the EU is living in the clouds

Agreeing to EU business law and free movement in the process . What were the other reasons for Brexit again?

[Cherie]

Originally Posted by Toy Soldier

Agreeing to EU business law and free movement in the process . What were the other reasons for Brexit again?

I can't wait to see how they get membership of the single market without free movement

[bitontheslide]

Originally Posted by Cherie

That's fine, they may not leave at all, but in the meantime the employees will have this hanging over them until the deal is done, it doesn't inspire confidence in the economy I expect a lot of small businesses will go to the wall as consumers hang on to their cash

that uncertainty was guaranteed the moment the result was brexit. While its not nice for the people affected by the uncertainty, it is important that everyone in the country is made fully aware of the real life consequences of trade decisions.

[billy123]

Nothing of note has happened so lets all assume the world is ending. FFS get a grip it has become become embarrassing from the establishment lovers.

[jaxie]

Originally Posted by Cherie

Is any company threatening to move in.

I think they are all being a bit premature we don't know whether passporting will remain or not yet.

[kirklancaster]

Originally Posted by bobnot

Nothing of note has happened so lets all assume the world is ending. FFS get a grip it has become become embarrassing from the establishment lovers.

Well said Bob.

[Cherie]

Originally Posted by jaxie

I think they are all being a bit premature we don't know whether passporting will remain or not yet.

They have to factor it in though Jaxie the appalling way this has been handled with no plan for exit doesn't really instill confidence, thanks for being polite in your posts others could follow your example

[Tom4784]

Originally Posted by bobnot

Nothing of note has happened so lets all assume the world is ending. FFS get a grip it has become become embarrassing from the establishment lovers.

It's called foresight.

Also, nothing of note? Have you not noticed the fact that several big companies are threatening to jump ship? The increase in racism? The plummet of the pound just because of the NEWS that we voted out?

This is all happening because we voted out, I dread to think how badly the **** will hit the fan when we actually leave. I'm guessing the economy won't recover as quickly then...

[arista]

Originally Posted by Toy Soldier

Vodafone is rubbish

Gives bad signal

So you cannot conduct

Good business

Send them away

Better for all

Feck vodaphone

NO TS they are good in London
no need to be rude
they have not gone yet



FECK THE EU

[billy123]

I would be inclined to leave vodafone if they were to do that and deal with an operator with a base within the UK.

[arista]

Originally Posted by bobnot

I would be inclined to leave vodafone if they were to do that and deal with an operator based within the UK.

Its Early Days

[Cherie]

Originally Posted by bobnot

I would be inclined to leave vodafone if they were to do that and deal with an operator with a base within the UK.

Let's hope there's more than one left you know what a monopoly does for your bills