Bankers swap HSBC for Oliver Wyman after Brexit
If you’re working in a strategic change role in an bank in the City right now, the chances are that Brexit has just boosted your employment prospects. What’s more, maybe being inside a bank is not the best place – maybe you need to be consulting them.
This might explain the moves of some senior change professionals in banks recently.
Muazzam Javed, who for the past two years has been working at HSBC in a strategy role focused on its global markets business, has just joined Oliver Wyman as a strategy consultant focused on corporate and investment banking.
Javed worked at HSBC for eight years. He was previously head of change at F&C Asset Management.
Meanwhile, Simon Holland, who was group head of development at HSBC, joined Oliver Wyman as a partner in August.
Investment banks are, of course, drawing up contingency plans to work out which functions – if any – to move out of the City of London as the UK negotiates its exit from the European Union.
Consultants like Oliver Wyman are likely to be busy advising banks on how best to do this. Oliver Wyman thinks that 31,000-35,000 jobs could be directly at risk in the UK financial sector in a worst case ‘hard Brexit’ scenario. Another 34,000-40,000 could go from London due to second order affects like increased costs or entire business lines moving overseas.
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