Bankers’ Love of London Complicates Brexit Relocation Plans

As Britain heads for the EU exit, financial firms intending to move London-based jobs to continental Europe face a costly choice: offer generous relocation and redundancy packages, or expect a flood of lawsuits from disgruntled staff. Employment lawyers say some worried City workers have already been in touch to clarify their rights if banks, asset managers and other businesses decide they need new homes in the euro zone for operations hit by Brexit uncertainty. While the terms of Britain’s exit remain unknown, many firms operating in the City of London are intent on protecting their right to sell financial services throughout the European Union under its “passporting” rules. This is likely to mean setting up shop in a center still in the bloc, such as Paris or Frankfurt.

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