The Year Ahead
What Brexit Means for Banks
In the Square Mile, London’s financial district, things are about to get interesting.
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Will Brexit make London less attractive?
London has long been one of the world’s financial hubs, but the easy access it has provided global banks to the rest of the European Union cemented its status. If Brexit sets up new barriers, London will become a far less attractive place to do business.
That scenario would cost banks and related companies in the U.K. almost £40 billion ($49 billion) in lost revenue and put 70,000 jobs at risk, according to consulting firm Oliver Wyman. Executives at Morgan Stanley, Citigroup, Deutsche Bank, JPMorgan Chase, and other banks have said they’ll have to move staff and operations out of the U.K. to service their EU clients if Britain is shut out of the 28-nation single market.