Brexit banking results - over 50 banks consider to leave the island

A total of about 50 banks are considering plans to move from Britain to other European Union countries along with block authorities, said Daniel Nui, Director of Banking Supervision at the European Central Bank. It states that the license applications of some 20 banks are already in the assessment stage by the supervisors. "Perhaps some of them have not signed a formal request but have prepared a rather comprehensive application that can become officially much faster than we can expect."

International banks are working on plans to redirect employees from the UK to the continent because of concerns about Brexit and the main question that worries everyone is whether after the factual Brexit, the EU will have access to the single labor market.

UBS Chief Executive Officer Sergio Hermotti announced that the bank will begin the process of relocating employees working in London offices to expanded ones in continental Europe early next year.

So far, Frankfurt, where the ECB is located, appears to be the preferred destination for creditors. JP Morgan Chase & Co is now near an office lease in the city, and Citigroup Inc. and Deutsche Bank AG are exploring the market. Goldman Sachs Group Inc. has already signed contracts for offices that will begin shipping after 2019.

Source: Reuters

Jr Trader Petar Milanov

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