Amsterdam will not replace London as Europe’s financial centre after Britain pulls out of the EU, according to Dutch banking group ING.
‘We do not see Amsterdam or Brussels developing into major European trading centres,’ the Financieele Dagblad quotes the bank saying in an internal staff memo about the shift of several dozen trading jobs to London.
The bank also points to the Global Financial Centres Index, which is led by London. Amsterdam is in 33rd place in the ranking, which is based on business environment, financial sector developments, infrastructure, human capital and reputation.
In particular Amsterdam has a shortage of skilled personnel, such as traders who are experienced in developing markets, according to the ING memo.
It also remains to be seen if traders are willing to leave London. The tough Dutch rules limiting bonuses to 20% of annual salary are an added factor, the memo said.
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