Global banks have warned they could move thousands of jobs out of Britain to prepare for the expected disruption caused by the country’s exit from the EU, endangering London’s status as a leading financial centre. Financial services firms need a regulated subsidiary in an EU country to offer their products across the bloc and this could lead some to move jobs out of Britain if it loses access to the European single market. Many of the top financial firms have begun drawing up plans. Below are some details and reports on the subject. Standard Chartered Standard Chartered is in talks with regulators about making Frankfurt its European base to secure market access to the EU when Britain leaves the bloc. HSBC CEO Stuart Gulliver said Europe’s largest bank would relocate staff responsible for generating about a fifth of its UK-based trading revenue, or about 1,000 people, to Paris. Chairman Douglas Flint has told legislators that banks without operations elsewhere in the EU would probabl...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now