Banks Need Three Years to Adapt to Brexit, PwC Report ShowsBy
The Brexit study was commissioned by the finance industry
The findings defy Brexit chief’s timeline of one to two years
Banks need three years to acclimatize to life after Brexit and come to grips with the altered relationship between the U.K. and the European Union, according to a report by consultancy PricewaterhouseCoopers LLP.
The study for the Association of Financial Markets in Europe was commissioned by the industry and concluded that such a time frame is required for an orderly transition into the post-Brexit reality. That is longer than the one to two years Brexit Secretary David Davis has suggested was needed.
“Not all types of banks require this time, but it will be beneficial to the whole sector to be able to transition on a managed timescale,” according to a summary of the study, which was first reported by Politico.
PwC interviewed executives from 15 banks for the findings. While some companies may need just two years, others would hope for four years. The difference is explained by the different legal structures banks have, it said.