ex-Barclays trader lands big new job in Milan

Milan has been a somewhat quiet dark horse in the divvying up of the European financial industry that was expected after Brexit.

Although London stood surprisingly firm as the Parisian, Frankfurter, and Amsterdammer wolves closed in, Milan also took some of the spoils. As time goes on, the Italian city is growing in popularity, and some of those who moved there are finding new local jobs.  

In January 2020, the same month Britain officially left the EU, Italy’s Intesa Sanpaolo took on Paolo Buscaglia, the former Barclays head of peripheral EGB (European Government Bonds) trading.

Buscaglia moved again last week to UniCredit to take on an MD role as head of EGB trading. His move takes him about two kilometres away - from central Milan to central Milan.

The traffic isn’t entirely one-way. Some Italian traders, such as Michele Beretta, are swapping jobs in London. Beretta joined NatWest Markets last month after two years at Gardena Capital, a London boutique. His career started in Milan, with UniCredit.

We’ve already written about tax breaks in Europe – and how Milan offers an incredibly luxurious 70% tax-free income bracket. Milan also allows inpatriated workers to move jobs.

Paris, meanwhile, only offers a 30% tax-free bracket, and doesn’t allow people to move jobs and keep the benefit. One trader at a US investment bank said he was “stuck”. Another trader said that “most [traders] are thinking of moving to Milan.”

Another tempting destination for traders can be Abu Dhabi, which has perhaps the best inpatriation package of any country – no income tax whatsoever.

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