Most senior employees in London’s financial district are willing to relocate amid regulatory pressure to cut bonuses, according to a recruitment firm survey.
Astbury Marsden said 90 percent of City finance employees questioned were willing to move from London to New York and Singapore compared with 77 percent a year ago. The firm surveyed 1,122 people in June.
“Competing financial centers like New York, Singapore and Hong Kong are free from restrictions on bonuses, giving them an advantage,” Adam Jackson, associate director at Astbury Marsden, said in a statement. “Traditionally, London has been the location with the most pull for a lot of the best and brightest in the sector, but sharp curbs on bonuses already seem to be prompting more of the City’s top-level workers to consider London’s big rivals.”
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