Thousands of bankers, traders and lawyers across the Square Mile and Canary Wharf are preparing to work through what is expected to be one of the most volatile nights in recent history for the financial markets.
Senior staff at major institutions such as JP Morgan, Barclays, Deutsche Bank, Societe Generale and UBS will be on hand to advise clients as the referendum results are declared through the small hours from hundreds of town halls across the country.
A spokesman for Barclays said its sales, trading and research teams “will be helping clients navigate markets throughout the night and post the EU referendum decision.”
JP Morgan, which has warned it could cut up to 4,000 jobs in the UK in the event of Britain leaving the EU, has booked hotel rooms near its Canary Wharf head office.
Danny Cox of brokers Hargreaves Lansdown, said: “We expect to be busy with share trading whatever the result is - we’re extending our helpdesk opening hours, we’ve trebled the amount of staff who can take trades, there are more people available to take calls and process orders through the online services.”
One investment banker said: “Clients want to have someone on duty who is used to the nuances of sterling trading day in, day out, so it helps to have a regular sterling trader manning the fort.
“They like to have someone they know on the phone. The sales team, trading, tech support, they will all work through the night, but it has to be done on a rota - they can’t work all of Thursday, through the night and a normal shift on Friday without inviting problems on ourselves.”
One of the capital’s biggest law firms is assisting its clients by embedding teams at the headquarters of at least two large clients in case they need help dealing with the outcome of the vote.
More than 500 clients of “magic circle” law firm Allen & Overy have signed up to a conference call for tomorrow morning to discuss the outcome of the vote.
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