U.K.: Large Investment Banks Making Plans To Leave London

Several unnamed large investment banks headquartered in London are making plans to relocate to the European mainland in the wake of the Brexit, Bloomberg reported Aug. 16. According to the report, bank leaders have expressed frustration that the United Kingdom does not have a more clear strategy to protect its status as a global financial hub after leaving the European Union. Banks were vocal in their opposition to the Brexit but have expressed patience since the vote. Their main concern is maintaining the right to sell services to members of the European Union's internal market without gaining separate authorization in each country. JP Morgan Chase, Morgan Stanley and Goldman Sachs recently said they were considering relocating some of their staff to the Continent. But the process to move will not be simple or fast: Banks will have to set up a new legal entity structure inside the European Union, apply for a banking license, find offices and restaff them. The process could take years.