What the Biggest Banks Are Planning Once Brexit Starts
- Frankfurt, Dublin favorites for U.K.-based banks after Brexit
- Firms steeling for no access to EU market once U.K. leaves
Banks Plan Post-Brexit Employee Re-Deployment
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Big investment banks will begin the process of moving some London-based operations into new hubs inside the European Union within weeks after U.K. Prime Minister Theresa May set a date to trigger the formal mechanism for quitting the bloc.
Frankfurt and Dublin are emerging as the biggest winners. Bank of America Corp., Standard Chartered Plc and Barclays Plc are considering Ireland’s capital for their EU base to ensure continued access to the single market, said people familiar with the plans, asking not to be named because the plans aren’t public. Goldman Sachs Group Inc. and Citigroup Inc. are among banks eyeing Frankfurt, other people said.