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- Banks in Britain revive preparations for no-deal Brexit - consultants EY
Banks in Britain revive preparations for no-deal Brexit - consultants EY
Banks in Britain are showing signs of restarting preparations for a no-deal Brexit after a lull in the shift of financial services jobs and capital from Britain to the European Union in the past few months, consultants EY said.
EY's Brexit Tracker of public announcements from 222 of the largest financial services firms in the three months ending May 31 found that the 7,000 planned job and a trillion pounds in capital relocation to new EU hubs was little changed from the prior quarter.
Banks, insurers and asset managers had prepared for a March 31 Brexit but departure was delayed to October 31. The prospect that Britain could leave the EU without a deal by the end of October has started to have an impact.
Many firms have been reluctant to make the final decision to move to the EU until they absolutely have to, though investment banks have already moved nearly 1,000 jobs to Europe, EY said.
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