First Brexit employment casualties

[Stopyourhavering]

dd graduated this week, happy times.....phoned this morning to say that 2 of her friends, who had also graduated ( business/law degrees) and been offered jobs had been telephoned by their prospective employers to say that because of Brxit, they were now basing their headquarters in Berlin rather than UK and would no longer be employing them......I fear this is just the start....I am so angry and upset for our youth. My ds and dd2 are so angry and feel betrayed....I wish 16 &17 year olds had been given a vote as I feel they had a better handle on the repercussions of Brexit

[GahBuggerit]

small consolation but id question if id want to work for a business that appears to have no organisation or planning, if Brexit was tl have such an impact that they are relocating, yet they still recruited instead of waiting to see the result then it doesnt sound like a very stable business anyway.

[ftw]

Businesses always recruit - they can bin staff off easily enough if they need to and absolutely penalty free if those staff haven't even started yet.

[Bumblebzz]

Expect the City of London to start the same process next week.
They will all have playbooks detailing exactly what happens in the event of a Brexit, and won't want to lose competitive advantage by hanging around waiting for a UK political party leadership battle to conclude. Clients are fickle and will move custody to safer options.
Check out ECB comment today on the likelihood of City firms losing their EU passport...access to the EU market is the main reason London has grown so big, if that goes (or there is a risk it goes) firms will flee. They are not here to provide UK employment, they are businesses that need to make money for their demanding shareholders (all of our pension funds).
Once the financial services go, so will all the support services such as law firms, consultancies, IT companies, digital and media services,...coffee shops, health clubs, sandwich shops, ...retail, nannies, cleaners,...basically it's a house of cards:
news.efinancialcareers.com/uk-en/248265/London-banking-redundancies-brexit/

[GahBuggerit]

and op what do 16/17 year olds have to do with this if your dd and pals have graduated?

[Bumblebzz]

And the irony is that it's a former London mayor who has brought this on the city

[Bumblebzz]

OurBlanche yes they can and they will...watch this space

[Kummerspeck]

I spoke to a relative yesterday who is an economist in a major name company in The City and their briefings yesterday said they expect nothing to change after a short period of press hysteria and, contrary to the report posted above, J P Morgan have confirmed they are not moving any jobs

[OurBlanche]

As bumblebuzzs link suggests this will bring about some of the changes many MNers have wanted for years...

roles will be cut in London rather than migrated overseas. “Why would you move someone who’s earning £150k in London to do a £60k job in Frankfurt,”

London bonuses are also likely to plummet this year

[OurBlanche]

They won't have yesterday, or today. Monday onwards, yes, by now they will have held/be holding meetings to put contingency plans into action...

But not yesterday...

[Whatthefoxgoingon]

GahBuggerit

If you are talking about me, be under no illusion that I will be doing it. It's not out of the blue ffs, did you really think we didn't have plans in place in case of brexit?

[Bumblebzz]

Kummerspeck I'm sure they may have said that, but they need trading and support staff to focus on getting through the current turbulent market. I've been in the City 20 years, you do not get forewarned of redundancies, too much risk having disgruntled staff with their finger on the button.

[GahBuggerit]

Not necessarily penalty free, it has to be handled correctly with PILON unless the offer was conditional. And sensible businesses freeze recruitment if there are any potential changes, obvs.

i think we'll be hearing a lot of these stories........

[GahBuggerit]

I have no idea who it was tbh, i just saw the post.

[rubybleu]

There will be a recruitment freeze & I would hate to be a final year student in receipt of a job offer for September.

I just can't see the relocation though - banks moan they can't find enough staff in London, they're going to struggle finding French or German speakers for those countries and they certainly can't get enough staff in Ireland, passporting regime or not.

[NewLife4Me]

seems like the company changed their minds about hiring, they can use referendum as an excuse for anything now.

[justbogoff]

We are a relatively small company, but we had a plan in place for Brexit and implemented it yesterday.
Currency surcharge on all products.
We are expecting 20 - 30% decrease in turnover. Cost saving measures will be implemented if that happens.

[RedToothBrush]

I have had an email this morning from relative saying two major contracts were cut at her son's firm on Friday.

They will be announcing that three positions will go as a result on Monday.

Its not a big firm. Not in the SE. Not in finance. Directly related to Brexit.
Simply that EU partners don't want to invest under the circumstances of uncertainty.
But yes, its all lies and all 'stories'.

Until its you. Or your family or friends.
Whatever.
You keep those blinkers on as long as you can.

[Stopyourhavering]

Gahbuggerit.....I have 2 younger dcs and worry for their future now
DD2 of 19 ( who voted remain- she is at Uni studying business) and ds of 16.....( doing AS). DS was so annoyed he didn't have a say in his future ( he will be going to Uni next year and feels so many doors will now be shut- eg ERASMUS programme for starters).....I guess you voted leave?

[Lynnm63]

I hope you're not expecting sympathy if bankers bonuses are lower this year. That seems good reason for a party Imo.

[LaurieMarlow]

they're going to struggle finding French or German speakers for those countries

They don't need French/German speakers to relocate to Paris/Frankfurt. They'll do everything through English.

The physical Geography of where they are means very little to these companies.

[thatwouldbeanecumenicalmatter]

People have sadly been losing jobs way before this and it won't stop now. Twinnings (the tea company) springs to mind, 100s of jobs from South Tyneside lost due to Twinnings getting a nice EU grant to relocate to Poland (google it)