US insurer AIG and the European Bank for Reconstruction and Development (EBRD) have joined a growing list of firms and institutions that are considering leaving London post-Brexit.
Anthony Baldwin, chief executive of AIG's European business, told a trade conference yesterday that the group might move its European head office from London to an EU capital, although it would still maintain a big team in the UK. AIG currently has around 2,500 staff in Britain.
At the same conference, the UK trade minister Mark Garnier said that the government was aware of the climate of concern in the wake of the UK referendum. 'We will aim to limit uncertainty surrounding business,' Garnier said.
Reuters reported today that the EBRD was also exploring its options with regard to its central London base, which currently houses over 1,500 employees.
An internal review, not entirely related to Brexit, is already looking into shifting some operations to a cheaper London or provincial UK base, or splitting operations with a Continental European office.
EBRD's finance chief Andras Simor is understood to be likely to deliver recommendations to the bank's shareholder governments in the second half of 2017.
The institution joins other EU-wide organisations including the European Banking Authority and the European Investment Bank who are reviewing their London leases in the light of the Brexit vote.
Like AIG, Goldman Sachs, Lloyds of London, insurer Admiral and underwriters Hiscox and Beazley have also been reported to be considering moves to Dublin or Continental Europe if the UK leaves the EU.
