Jobs Lost to Brexit ‘Impossible’ to Get Back, Bank Chief SaysBy and
Julius Baer chose Luxembourg over Frankfurt for European hub
CEO says it would take a decade at least to return jobs
Britain should not expect to get back jobs that have been transferred to the rest of Europe in preparation for the country’s departure from the European Union, according to the chief executive officer of Julius Baer Group Ltd.
"Frankly it’s impossible,” Boris Collardi said when asked how difficult it would be to get the jobs back. “It will take a decade if at all.”
Moving jobs is not just about moving physical tasks, but also about moving people, committing investments and setting up an infrastructure, he said in a Bloomberg TV interview Monday.
“In any reasonable company you have to do that over a planning cycle, so I don’t think these jobs are going to go back anytime soon," he said.
Many global banks are shifting some operations to continental Europe because of the possibility that the U.K. will be left out of the single market once its leaves the EU. That may prevent them from being able to do business with customers in the bloc, known as passporting rights.
Julius Baer is moving its European hub from Frankfurt to Luxembourg but will continue to keep open its options in London. The bank hasn’t invested enough in the U.K. in the past and there is room to grow, Collardi said.
But “we’re also not necessarily making grand plans for expansion” there, he said.