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Banks’ Brexit Exodus to Start Before Year-End, Lobby Chief Says

  • Industry concerned by passporting loss, Chief says in Observer
  • Largest lenders won’t wait for Brexit negotiations to start
Bloomberg business news

Challenges to the European Banking Sector

Banks in the U.K. will start relocating operations out of the country by year-end, months before formal talks to leave the European Union begin, as London looks set to lose access to the EU single market, the head of the British Bankers Association said in a newspaper commentary.

International banks’ “hands are quivering over the relocate button,” Anthony Browne, chief executive officer of the banking lobby group the BBA, wrote Sunday in the Observer newspaper. “Many smaller banks plan to start relocations before Christmas; bigger banks are expected to start in the first quarter of next year.”