>> Put off by Brexit uncertainty and tempted by la dolce vita, some Italian bankers already swapping London for Milan.>> If you speak to any Italian banker in London, they will probably tell you that at the moment, they're considering their career options.>> Reuters Pam Barbaglia says Milan's becoming an increasingly attractive financial hub.
JP Morgan and Goldman Sachs already have plans to significantly increase their head count there and find new offices, most likely in Milan's so-called Mini Canary Wharf, the Porta Nuova district, which has reshaped the skyline of Milan.>> Italy now is doing a lot to plug the brain drain, so what they're doing is offering tax incentives and tax benefits.
We're talking of 50% income tax holiday.>> On top of the fiscal breaks, many bankers say for wining and dining clients and general family life, the wide range of Michelin starred restaurants, coffee shops and bars really add up. Something Germany's financial hub, Frankfurt, doesn't offer with many restaurants staying shut on a Sunday.
Milan also boasts three airports and several international schools that are expecting a boom in demand for places, not to mention skiing in the nearby alps and nearby lakes like Como and Garda. But it's not just Italians heading home, British bankers are also looking abroad to Milan, Paris and Madrid.
Investment bankers making the switch include Goldman Sachs' co-head of Italy Francesco Pascuzzi as well as Antonino Mattarella, nephew of Italian President Sergio Mattarella who's now Bank of America's head in Milan. For banks in general though, Brexit could smash a model that's allowed them to streamline their operations and costs by covering European markets solely out of Britain.