London investment bankers will be paid a lot less in Paris or Frankfurt
Tomorrow is Brexit D-day. If the UK decides to leave the EU, some jobs currently in London are likely to move to Paris or Frankfurt. For any front office bankers forced to relocate, there?s some bad news ? you?re likely to get a lot less money in your pocket.
Investment bankers in London are paid more than their counterparts in Frankfurt and Paris. The UK tax regime also means that they end up with higher take-home pay after the government?s taken its share. Punitive social services costs in Frankfurt and Paris, together with relatively high levels of income tax, means that net pay for bankers in the continent?s financial centres is significantly less.
This article was published in efinancialcareers, 22nd June 2016