Sunday, October 23, 2016

Britain’s Biggest Banks To Leave Amid Growing Fears Of Hard Brexit

Britain's biggest banks will begin a large withdrawal of their presence within Britain as fears grow of a hard Brexit.

If the UK decides to leave the single market and the customs union in order to restrict the freedom of people coming into the country, lenders could move their headquarters out of London's financial district.

According to the Observer  huge companies, including Goldman Sachs could make the move by early next year, but smaller groups could depart even sooner.

The chief executive of the British Bankers Association, Anthony Browne said: 'Most international banks now have project teams working out which operations they need to move to ensure they can continue serving customers, the date by which this must happen, and how best to do it.

13 comments:

  1. All Na wash. All Na Shakara. In the whole of Europe, which currency can stand taller than the British pound?

    Goldman Sachs ain't leaving Fleet Street in London as their main center of operations in Europe. Leave Fleet Street for where in Europe?
    Same with Morgan Stanley, JPMorgan Chase & Company and other multinational investment banking institutions.

    Where in Europe are these economic power houses going to be using as their main focus of operation, if not London?

    Before EU was formed, were these financial institutions not heavily using London as their main base in Europe?
    So, why should they close shop in London now, just because U.K. is no longer part of EU?

    No matter what, London is going to remain as the economic capital of Europe.

    That, UK is no longer part of EU may be a pain in the neck of these companies but they are going to weather it out, as staying in London is going to be more profitable on the long run for most of them.

    Yes, most of these financial institutions and some businesses may water down their operations in UK, but they will still remain in UK.
    That is the hard truth.

    All their wailings that they are going to leave U.K. ain't gonna happen. It is an attempt to get big concessions like less taxes from U.K. government.

    All their threat of leaving U.K. is also like MTN or British Airways threatening to leave Nigeria Market when Nigeria is where MTN and British airways are making their most profit in the whole of Africa, if not in most of the continents of this world.

    In fact, should these financial institutions make the mistake of pulling out of U.K. just because UK is no longer a member of EU, these companies will run back to U.K. within a year or two of leaving U.K. They may even have to beg to re enter the U.K. Market.

    I am waiting to be proved wrong.

    -olu@atlanta-

    ReplyDelete
    Replies
    1. Agreed, true talk

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    2. Agreed, true talk

      Delete