Finance
Banks’ Brexit Moving Costs Are Seen Topping $500 Million Each
Londoners are more reluctant than anticipated to move abroad.
The Canary Wharf district in London.
Photographer: Simon Dawson/Bloomberg
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Banks poised to channel hundreds—if not thousands—of employees out of the U.K. expect their Brexit bills to reach $500 million or more, according to people with knowledge of firms’ contingency planning.
Costs are climbing in part as they find it more difficult than anticipated to persuade reluctant Londoners to move abroad and reckon with a shortage of experienced bankers in Dublin, Paris and Frankfurt, said the people, who asked not to be identified discussing confidential matters.