Portfolio

Banks to begin shift to European shores soon, Barclays CEO says

By Conor Coyle

Date: Wednesday 26 Apr 2017

Banks to begin shift to European shores soon, Barclays CEO says

(ShareCast News) - Barclays CEO Jes Staley has said many international banks will begin the process of moving operations away from Britain "reasonably" soon due to concerns about Brexit.
Several global financial institutions have either announced plans or suggested a move towards the continent in order to maintain a base in the European Union, as the UK government prepares to negotiate the terms of its departure from the bloc.

Staley told a conference on Wednesday that banks are unlikely to wait to find out the outcome of the negotiations before taking action.

"You will start to see movement in a reasonably short period of time," Staley told the conference, according to Reuters.

A so-called "Hard Brexit" is almost certain to produce the loss of banks' passporting rights, which will discontinue the ability of institutions based in Britain to conduct business across the EU.

JPMorgan, HSBC and UBS are some of the financial giants that have indicated their intentions to relocate thousands of jobs away from their London hubs, with possible locations including the likes of Frankfurt, Paris and Dublin.

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