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Scots payrolls grow

Finance sector defies Brexit jobs warnings

JP Morgan Edinburgh

Firms like JP Morgan have boosted Scottish jobs (pic: Terry Murden)

Warnings that Brexit would see an exodus of financial services jobs from the UK have proved to be overstated, according to new data.

International banks have retained the bulk of their UK staff since the 2016 referendum while a hiring spree in places such as Edinburgh and Glasgow has seen numbers at some institutions grow substantially.

A survey by the Financial Times found that JP Morgan, BNP Paribas, UBS, Japan’s MUFG and Goldman Sachs are among large banks which have boosted UK payrolls in the past five years.

Goldman Sachs has hired around 900 British-based staff, while JP Morgan’s UK employee numbers have grown by around 2,000 following a recruitment drive in Scotland.


Nine of the biggest asset managers have added to their UK workforce since the Brexit referendum, with total combined headcount surging around 35% to more than 10,000 employees.

The data contrasts with figures produced by Scottish recruitment agency Core-Asset Consulting last week that job hiring in the sector had fallen by more than 10% on last year.

While job hiring may have tightened in the past year, this may be related more to the Covid pandemic than Brexit.

Deutsche Bank and JP Morgan previously warned that as many as 4,000 of their staff could flee London as the Brexit deadline edged closer. 

UK-based firms will lose automatic passporting rights on 1 January which allow them to offer services across Europe.

While hoping the European Commission will allow UK regulations to be equivalent to those of Brussels, many have set up offices in EU countries. NatWest (RBS) has expanded its offices in Amsterdam while Standard Life Aberdeen has an operation in Dublin.

Lamb sector fears worst

Sheep farmers face crippling export tariffs on the lamb they send to the EU.

Lamb is expected to be one of the sectors that suffers most in the event of No Deal.

The average tariff for the meat would be 48%, raising concerns that No Deal would stop exports entirely. 

About a third of Scottish lamb goes for export, and 98% of that is to the European Union.

The Department for Environment, Food and Rural Affairs is understood to be looking at specific interventions to help mitigate Brexit damage for sheep farmers.

A spokesman said: ‘As any responsible Government would, we have plans in place to minimise disruption for the farming sector if a deal is not reached with the EU.’

3 Comments to Finance sector defies Brexit jobs warnings

  1. I do not believe the UK will impose a single EXPORT tarriff.

    The EU is likely to impose tariffs on lamb, or “sheep meat” as they ineligantly call it. Please get your facts right.

      • It’s just badly worded, “Sheep farmers face crippling export tariffs on the lamb they send to the EU” would better be expressed as “Sheep farmers face crippling import tariffs on the lamb they send to the EU”

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