Goldman Sachs Group, JPMorgan Chase and Morgan Stanley are on a hiring drive in Frankfurt as global investment banks race to establish new headquarters inside the European Union in time for Brexit.
The biggest Wall Street firms have recently started advertising for scores of staff ranging from risk managers to compliance officers and information-technology specialists, according to internet listings. They need their offices to be up and running by April 2019, headhunters and people familiar with their firm’s hiring plans said.
Banks want to fill as many positions as they can locally to limit the disruption caused by relocating London-based employees and their families, said the people, who asked not to be identified as the plans aren’t public. With only about 14 months to go until Britain formally departs the EU, banks have reached what one executive called the point of no return, and have decided they need to trigger their contingency plans.
“Many banks are hiring now to meet at least the minimum staffing requirements" by the time Brexit happens, said Tim Zuehlke, a partner at FRED Executive Search.
Regardless of whether the UK can reach a two-year transition arrangement, EU regulators have made it clear they expect banks to establish full-scale, standalone operations inside the trading bloc staffed by significant numbers of both front- and back-office staff as well as senior employees, rather than so-called brass-plate offices with people commuting from London.
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Read more:
London finance jobs post ‘seismic’ drop in sign of Brexit impact
UK growth to remain weak in 2018 as Brexit uncertainty weighs
EU risks another financial crisis with a hard Brexit deal for banks
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Goldman Sachs plans to more than double its staff in Frankfurt to 400. The bank has already hired about half a dozen people locally, one of the people said, and is advertising for a further 10 vacancies on its website. Morgan Stanley intends to add about 200 roles in Germany’s financial capital. The bank is currently advertising vacancies for 17 positions in Frankfurt, including a "liquidity risk manager."
US investment banks "are intensifying recruitment for back office in Frankfurt," said Aleksandar Rakovic, head of banking for the headhunting firm Robert Walters. "Pay in those areas will continue to rise."
Given the scarcity of experienced bankers in Frankfurt - there are 60,000 people working in finance in the city, compared with more than 360,000 in London - firms are hoping that any shortfall will be met by German expatriates keen to return home, the people said. Given the likelihood of relocations by people of other nationalities, banks have already started block-booking places at international schools and leasing apartments in anticipation of a squeeze on local resources, they said.
As many as 10,000 new jobs may be created in the German city in the next few years, according to the lobby group Frankfurt Main Finance. By contrast, job openings in the UK capital’s finance industry fell 52 per cent in December, the most in three years, recruitment firm Morgan McKinley said on Thursday.
COMPANY%20PROFILE
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Company%20Profile
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COMPANY%20PROFILE%20
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Imperial%20Island%3A%20A%20History%20of%20Empire%20in%20Modern%20Britain
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Company%20Profile
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Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
The%20Specs
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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Company%20profile
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Women's Prize for Fiction shortlist
The Silence of the Girls by Pat Barker
My Sister, the Serial Killer by Oyinkan Braithwaite
Milkman by Anna Burns
Ordinary People by Diana Evans
An American Marriage by Tayari Jones
Circe by Madeline Miller