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Original poster

First Brexit employment casualties

616 replies

Stopyourhavering · 25/06/2016 15:02

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

OP posts:
CoteDAzur · 27/06/2016 18:48

"We need inflation before we have stagflation! "

No way! That is entirely new information, genius! Hmm

What do you think is the direct result of both depreciating currency AND quantitative easing, Sherlock? Go on, Google the answer for yourself.

shinynewusername · 27/06/2016 18:52

You may not shed many tears for bankers but the 1% richest are the only tax-payers who pay more in tax than they receive in benefits (in the widest sense, including NHS, state pension etc) over a lifetime. Fewer bankers means more tax to pay or more austerity for the rest of us.

Bankers also flash the cash and employ, directly or indirectly, a lot of people, all of whose jobs are now at risk.

I recommend that anyone still in doubt about the scale of the financial fuck-up that is Brexit listens to the first 10 minutes of the Radio 4's Six O'Clock News today www.bbc.co.uk/programmes/b07h2vcb

CoteDAzur · 27/06/2016 18:52

"Context is all. If I am on a dealing floor and someone shouts 'gilts taking a hit',"

I think we all know by now that you have never been on a trading floor, larry.

larrygrylls · 27/06/2016 18:55

Cote,

Seriously...

It is a one off currency shock, mainly vs the u.s and not Euro. Simultaneously we have a commodity sell off. We don't have QE yet but Euroland, Japan and U.S have tried it with v little inflationary consequence.

It is a matter of timing and degree. Really, the sky is not falling in yet.

justbogoff · 27/06/2016 19:00

This is creating huge division.
In order for small business to survive they will have to take advantage of the reduced legislation around employment.
Once the EU is out of the way we can reverse the working time directive, lengthen hours, cut sick pay and take off the overtime portion of holiday pay.
Increased productivity overnight.
Not great for labour relations, but the tories keep the unions in check. And without the Scots we'll never vote labour in again.

justbogoff · 27/06/2016 19:07

This is not my approach btw, but one I have heard from other small business leaders.
We need stability and a strong political leaders right now to put a plan in place.
It's not happening, businesses are in the main risk averse and will assume there is a recession to come - self fulfilling prophecy.

larrygrylls · 27/06/2016 19:07

Cote,

'I think we all know by now that you have never been on a trading floor, larry.'

Why the need for such crassness? Aside from the fact that it is against the site's guidelines. It says so much more about you than about me.

Let's leave it for others do judge who has actually had a meaningful job in finance and who merely has paper finance qualifications...

CoteDAzur · 27/06/2016 19:13

It is against MN posting guidelines to say we know you have never been in asset management? That must be new.

I asked you to tell us if you have had any formal education in economy/finance and if you have ever worked in this industry. You went awfully quiet.

Maybe you missed it before. Here is your chance, again, to tell us of your claim to authority on this subject. (No, "I read lots of websites after the subprime crisis" doesn't count.)

larrygrylls · 27/06/2016 19:19

cote,

Calling a poster a liar is against site guidelines.

You have not answered most of my questions either about your career or place of residence.

I have revealed plenty about my career if you care to read my posts. I have zero obligation to respond to your questions.

prettybird · 27/06/2016 19:28

Larrygryllis can be very funny if it weren't so serious sometimes...

"The good thing is, though, that at least no one is worried about our ability to repay our debt."

Ha, ha, ha Hmm in view of S&P downgrading the UK from AAA to AA with a negative outlook this evening. Moody's had already downgraded us Sad

And BTW - you really should learn not to take usernames literally and make assumptions. CotedAzur. Had been MN for many, many years and unless she's moved recently (she may want to do so Wink) lives in the UK. Who knows what inspires user names - maybe she had a nice holiday there or maybe she's keen on track cycling. But wherever she lives, her opinion is still valid.

SnowBells · 27/06/2016 19:34

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.

Businesses don't wait for the sh*t to hit the fan. They move early to create stability for the company. If this is a graduate programme, they will have likely recruited months ago, based on not thinking a Brexit would happen (businesses didn't think it would actually happen). But unlike the government, businesses always have contingency plans in place.

SnowBells · 27/06/2016 20:18

Why are some people so surprised this happened?!? I'm not far up enough the ladder to be in the contingency meetings, but they have already been happening. With previous 'big economic events' (never as large as this one), there were always meetings beforehand and there would be several draft statements covering every single eventuality, so that on the day... all that happens is something akin to a "hit send" motion.

larrygrylls · 27/06/2016 20:27

Pretty,

Moody's downgraded us from Aaa to aa in 2013! All they have done is placed the rating on negative outlook since referendum.

There are very few Aaa rated sovereigns left.

What is of some concern in the ois/3 month Libor spread, which is looking a little scary. This is a measure of the confidence people have in uk banks.

ItsAllGoingToBeFine · 27/06/2016 20:38

Moody's downgraded us from Aaa to aa in 2013!

Pretty said Standard and Poor, not Moodys

Mistigri · 27/06/2016 20:41

There's a difference between calling someone a liar, and pointing out a falsehood. Cote has done the latter. It's patently obvious to all of us who work in business or finance that you are out if your depth.

Regarding the downgrades, S&P has just cut the UK's credit rating too. But obviously that's a complete coincidence and nothing to do with brexit.

Or maybe, just maybe, it's because a fall of 12% in sterling in two days, combined with a big hit to the FTSE 250 (the real UK economy), and shares in major banks being temporarily suspended is actually a reflection of the serious shit that we are in.

prettybird · 27/06/2016 20:52

Indeed, I had specifically said S&P had just downgraded the UK.

I should have been more specific when I mentioned Moody's: that they'd downgraded our credit rating outlook to negative, so warning that our Aa1 rating might be reduced further.

But none of that has anything to do with Brexit - these are just knee jerk reactions Hmm Just like those that gave lost jobs or contracts are either imagining it or overreacting Hmm

larrygrylls · 27/06/2016 20:56

It's all,

Apologies, you are right. We are still one of the best rated sovereigns.

Misti,

What you and cote are doing is called troll hunting. You can disagree with someone without questioning their bona fides. I find those who attack the man tend to have lost the argument.

CoteDAzur · 27/06/2016 21:24

larry - I have not called you a liar and I have not been troll hunting. I have simply pointed out the very obvious: That you have had no formal education in economics/finance and you have never worked in the financial markets. Afaik you have not said you did anyway, so not sure why you feel I have called you a 'liar'.

Re your curiosity about yours truly: I have said quite a few times, including on this thread, that I have studied economics & finance at graduate (MBA) level, and that I worked in investment banking for many years. I also live in France, said so many times on MN over the years, and as you can see from my user name, I am not exactly hiding it. (Sorry, prettybird Smile)

I live wherever I fucking want to. Unless you're planning to pay me a visit (please don't) I don't see how my place of residence is any of your business. HTH.

As Mistigri says, it is obvious to those of us with theoretical knowledge & practical experience of the financial markets that your posts are based on neither of those. It is human to err, of course, so please do enlighten us about your qualifications and experience if you do indeed have any.

larrygrylls · 27/06/2016 21:34

cote,

I finished my 20+ career in investment banking with the title of managing director, heading the uk desk of a European investment bank.

Now would you like to accept this or call me a liar. If you do the latter I will report you for troll hunting and ask for a meaningful ban for you from MN. And, yes, I will provide proof when I do it.

Your turn, your actual position in a bank and your title please?

Mistigri · 27/06/2016 21:37

Fitch have downgraded now. All a coincidence of course. Moody's, S&P and Fitch - all since the referendum - but it's absolutely nothing to do with brexit, which has not caused any instability or losses at all.

CoteDAzur · 27/06/2016 22:22

larry - Sure, I guess it is not impossible that you are an ex-banker who attained an executive position Grin but I am personally finding it hard to believe that someone who belittles the opinions of bankers (and even their wives) and has strange and nonsensical beliefs about the industry (such as M&As happening when a salesperson convinces a CEO to bid, everyone's business continuing as usual after Brexit because nothing will change for 2 years, corporations must have no Brexit plans and their cancelled contracts and hiring freezes must be the result of a 1-day panic, etc) can have had anything to do with investment banking.

FYI I have a right not to believe strangers on the internet. That isn't troll hunting. Not everyone gives correct information about their background, place of residence etc on here. Those who don't are not necessarily trolls. HTH.

CoteDAzur · 27/06/2016 22:25

Mistigri - Even if it has anything to do with Brexit, it must be the result of a 1-day panic. That's it, don't you see. Everyone's just being silly and panicking. Nobody has thought this through.

Effic · 27/06/2016 22:32

Erm .... alto interrupt the theorical debate here but how about a fact about employment casualties. The company DP works for employs over 10,000 people in britain. They have told their senior leaders they are leaving. As of TODAY, DP has no job unless he is willing to move to Germany or Italy with them. They will have less than 1000 working by Christmas. It already decided and unlike our dear brexiters - they've already planned it. It may be bloody utopia here in 5 years with our amazing trade deals where every county in the world falls over itself to give us the best deal just because we are British but until then ....well
they, like many more, are fucking off.

Effic · 27/06/2016 22:33
  • alto = sorry to
justbogoff · 27/06/2016 22:34

So sorry effic.