Dismayed by the lack of a clear plan to protect the UK’s status as a global financial hub, executives are planning for the worst — that they will lose the right to sell services freely around the European Union from the City, said the people, who asked not to be identified because the plans are private.
Facing a long process with potential waits for regulatory approvals before workers can pack their bags, banks want to start quickly in order to have new or expanded offices set up in Europe before the end of the two-year Brexit negotiation period. [...]
Bank executives are privately discouraged that seven weeks after the referendum, the ministers in charge of negotiating the best deal for the UK believe they can retain the benefits of being in the single market without accepting the free movement of EU citizens, the people said. [...]
Before the referendum, Jamie Dimon, JPMorgan chief executive said he would relocate as many as 4,000 employees to the continent after Brexit.
Morgan Stanley may move as many as 1,000 employees out of the UK, while Goldman Sachs Group and Citigroup indicated they would also shift people abroad. European banks including HSBC and Deutsche Bank said they may have to move people or activities to France and Germany.
No comments:
Post a Comment