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Europe Probes Bankers Clinging to London Jobs: Beyond Brexit

Sculpture with the euro logo in front of the European Central Bank building in Frankfurt.

Sculpture with the euro logo in front of the European Central Bank building in Frankfurt.

Photographer: DeFodi Images/Getty Images Europe

What’s happening? Banking jobs are increasingly moving from London to the European Union, and official data show U.K. trade with EU countries plunged in the first quarter.

Big international banks in the EU including Goldman Sachs, Citigroup and Barclays are facing a probe by the European Central Bank over whether they rely too much on London staff, people familiar with the matter told Steven Arons and Nicholas Comfort. It adds to a sense that thousands more high-paying finance jobs may end up drifting out of London for a variety of reasons. Deutsche Bank highlighted that trend earlier in the week with a decision to shift a quarter of its U.K. corporate banking staff to the EU and Asia, a move it said wasn’t directly related to Brexit.