Brexit: Average Cost of £50,000 Per Employee to Relocate from UK to Other European Financial Centre

The company calculated the figure using estimated relocation, hiring and redundancy costs, new building and rent costs and other infrastructure & some contingency costs.

Tim Cuddeford, a London-based member of Synechron’s Business Consulting Practice said: “Following the UK’s decision to leave the European Union, many banks and financial services firms are having to consider where best to locate certain parts of their workforce. Financial ‘passporting’ is vital to the work many banks undertake across Europe and they will have to think carefully about which city within the EU their interests and their clients’ interests will be best served.”

“Our calculations show that it could cost these firms on average £50,000 per employee to relocate parts of their workforce out of the UK, perhaps to financial centres such as Amsterdam, Dublin, Paris and Frankfurt. Other cities may be just as competitive and worth considering as long as there is access to similar talent pool and infrastructure.”

About Synechron

Synechron is a global consulting and technology organization providing innovative solutions to the financial services industry through its three main business focus areas: digital, business consulting, and technology. Based in New York, the company has 16 offices around the globe, with over 6,000 employees producing over $350M in annual revenue. For more information on the company please visit the website or our LinkedIn community.

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