:brexit: Brexit - The Ramifications

:brexit: Brexit - The Ramifications
0

#6337

But is the fact that post Brexit, the regulators both BRITISH and EU demand assets be removed actually not a point why Brexit is bad for business… eg, no brexit, no demands to move assets… ?


#6338

What you on about, they’re not going to be here, due to us leaving the EU?


#6339

And this is nothing to do with the Euro Clearing arm of the business, but I’m sure you read and understood that.

"According to a report by the Financial Times, Deutsche Bank could over time move about three quarters of its estimated 600 billion euros ($700 billion) in assets from London to Frankfurt.

One option being considered is to shrink the London balance sheet so it ends up being smaller than its U.S. holding company, which has roughly $145 billion of assets, the paper said.

According to a source close to the matter, Deutsche Bank is also considering transforming its UK arm into a smaller, less complex and ring-fenced subsidiary."


#6340

The first paragraph of that article states the move is a regulatory requirement from both UK and EU regulators. Even if they have a desire to leave the UK for other reasons, that does nothing to diminish the video I posted, which was recorded yesterday, a month after your article.

The general point was that Deutsche Bank’s chief economist has stated he can see Britain thriving, perhaps doing better than the EU, over the course of the next generation.

I thought that worth posting. If you think that there is anything worth posted that invalidates that, please do.

Personally, I don’t think it a massive disaster if Deutsche Bank’s money is in Frankfurt. Some might even argue that’s exactly where it should be.


#6341

Well of course you don’t, you don’t work for Deutsche Bank in the UK, and I think if we’ve established anything within this whole sorry saga it is that as long as Pap is OK, then screw anyone else.


#6342

Hmm, yes. Those poor poor bankers. I have sleepless nights over their fates.


#6343

Thing is Pap the 'bankers as you say will be alright, nice transfer, big bonus for the greedy fuckers… its the local back office support, the admins, office staff, receptionists, Facilities management and local HR that typically get the hoof… the lower paid, and less financially secure…that always get fucked in these situations


#6344

But that is not my decision, nor was it the opinion of Deutsche Bank’s Folkerts-Landau. He states quite plainly that they’re here to stay.

Besides, even in a worst case scenario, the non-bankers are all going to have transferable skills applicable to any number of positions available in the capital. This is not Nissan Sunderland or Ford Swaythling.


#6345

That’s right, it’s the bankers that are going to struggle here.

For someone who likes to think they campaign for the little man, you seem to have very little knowledge of what effects them.


#6346

Mandatory debt and lifelong penury from a warped financial system, led by multi-nationals like Deutsche Bank?

I believe I do.

I already answered your concerns when replying to Map. DB aren’t shipping their 8,000 jobs out of the country. I prefer to discuss things actually said than subscribe to a dystopia for the sake of your Wurzel.


#6347

Wrong, Partly.

Non-banker jobs? Not sure what you mean. Even admin roles in banks need experience/knowledge of the sector. It’s not as if you just cut out the fat cats and everyone else will be fine.

I wouldn’t hire the non fat cats who only know the banking sector and its behaviours and expectations for preference, I’d be looking at the pool of existing “talent” for want of a better word, who know my industry first.

Though to be fair, the non-skilled jobs in the banking sector will probably find it easier to land a new job.


#6348

Those with banking specific knowledge are in the best possible city in the UK to find a new opportunity. And like I said, DB aren’t speaking about moving their jobs. It’s a fantasy @Chertsey-Saint concocted to have some semblance of a point.

I don’t want to play in Cherts’ worst-case speculative universe. I live in the real one, and in the real one, the EU loaned an American multinational 80m so it could move its production facilities out of my home city, and out of Europe altogether, taking thousands of direct and indirect jobs out of the equation. This was a company that used to invest in Southampton people, designing apprenticeship schemes that could take you from electrical engineer to CEO.

Personally, I would prefer Cherts used those fantasy skills to write a stirring new trilogy in the Lord of the Rings universe. I think he’d do a great version of another Mordor.


#6349

#6350

Major is an unreliable narrator, I reckon. His time as Prime Minister was cut short by the Maastricht rebels. He has a dog in this fight.

He spends the first few paragraphs of this article explaining how Brexit will leave us a less reliable tool for the Americans.

When Trump is in charge, how is that a good thing?


#6351

Regarding the referendum, the elephant in the room was exposed yesterday by a chart that showed, during the campaign, what the media concentrated on. The overwhelming topic was immigration. The implications of Brexit for Northern Ireland was given less than 1 % of all media coverage, yet here we are, 6 months before the decision has to be made, when the implications of Brexit for NI is the only game in town. The country was mislead, we were lied to by the Rees Moggs of this world, who cynically played upon the pleb’s fears of ‘Johnny Foreigner’. Multi millionaire bankers, hedge fund managers and the like, who were terrified of the upcoming EU laws to tackle offshore tax avoidance. These people knew exactly what they were doing, exploiting the ignorance and inbuilt racism of the Sun and Mail fed majority of so called working class people. People earning 1,000 pounds per hour convinced people earning 12 pounds per hour that people earning 7 pounds per hour are the problem.

I am reminded of the story of a banker, a worker and an immigrant sat round a table with 20 biscuits in front of them. The banker pockets 19 biscuits and says to the worker," watch that immigrant, he will take your biscuit" That sums up why vote leave happened.


#6352

The main problem I have at the moment is the way that Brexiteers treat the whole Brexit thing.

If anyone has followed my posts over the last few years, I am an ex-Tory, who has seen the party descend into chaos in the back of Theresa May and an impossible remit. However, it seems that any issue now with Brexit is due to May and the Conservatives being shit, rather than it be an impossible task.

It seems to me that Brexit is near on impossible without splitting up the UK - I am yet to hear a decent solution to the Irish border - yet a lot of the Brexiteers on this forum lay this at the PMs door.

Personally, I think May is an idiot for trying to take on Brexit. A number of us knew this was a poisoned chalice. If it was me, I’d have called another referendum, as we wouldn’t have lost again, and my legacy would have been as the martyr that saved the UK.


#6353

Now I rarely post on this thread for good reason but that above

Ffs you would ignore the will of the people because you did not like the result?

am I glad you are not an elected member.


#6354

The referendum was done incorrectly - there should have been a threshold rather than just largest vote, or the vote should have been mandatory.

The vote was flawed, and obviously so was the result.


#6355

Well that is your opinion not that of the 52% that voted to leave.

There was a set of rules put in place and the question was asked leave or remain, before the vote took place.

People voted.

The votes were counted and more people voted to leave than remain.

the vote stands

The UK leaves the EU

I dont see how it is so difficult to accept the result and get on with it.


#6356

It wasn’t a legally enforceable vote to start with, hence why there was no threshold on the referendum.

If there was a vote to cut everyone’s hands off in the UK, and the stupid were convinced that if you had your hands cut off it would get rid of brown people (even though it was untrue), the best thing would be to re-vote.