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Brexit to weigh on UK ability to attract talent

December 7, 2017 1:59 PM
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Brexit to weigh on UK ability to attract talent

The UK's exit from the European Union (EU) will take its toll on Britain's ability to attract talent, Standard Chartered chief executive Bill Winters told the BBC in an interview.

He said that London had already suffered a talent shortage on the back of restriction on student visas.

A slew of the best talent in Britain's marketplace is coming from students that have chosen to study in the UK and then extended their stay afterwards, Winters indicated. He highlighted that the UK's exit from the EU would adversely affect this segment.

As for the Brexit’s impact on the UK-headquartered bank’s operations, the CEO said that turning Standard Chartered’s branch in Frankfurt into a subsidiary requires several procedures including additional capital, licences, and staff.

The UK’s banking sector will feel the pinch of Brexit as a group of euro-denominated corporate banking businesses will be forced to into Europe, he explained.


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