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Brexit news: EU pressuring bank bosses to maneuver out of London | City & Business | Finance

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The key bank launched an investigation, which found some large international banks haven’t moved sufficient numbers of senior staff to nations across the continent after the UK voted to unshackle itself from the EU. Despite warnings Brexit would risk hurting Britain’s finance, that is now prone to result in increased pressure on foreign banks to relocate more jobs from London to other nations in Europe.

Banks will now be asked to appoint latest senior staff, change where some are situated, or change their group structures.

It comes after the ECB launched a desk-mapping exercise, which analyses where banks’ resources are based particularly around trading and risk-management.

Executives were said to have been reluctant to maneuver from London to Dublin, Frankfurt or Paris.

The desk mapping included US firms reminiscent of Bank of America, Citigroup, Goldman Sachs, JPMorgan and Morgan Stanley, in addition to institutions from other third countries reminiscent of Barclays, HSBC and UBS.

Britain’s financial sector lost most of its access to the EU, which had been its single biggest export customer, after completing its exit from the bloc a yr ago.

But Brussels granted its banks temporary access to London’s clearing houses, which was prolonged for 3 years firstly of 2022.

READ MORE: EU bankruptcy: Brussels on brink as euro inflation hits 7.5%

She said banks in London were still committed to having operations within the capital despite voicing frustration at the fee and time of running duplicate British and EU hubs.

Ms McGuinness said: “We’re definitely not at a latest normal.

“We want to place Brexit behind us.

“What really matters now could be maintaining our competitive edge in future.”

Additional reporting Monika Pallenberg

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