Bank Brexit Exodus Seen Hastened by Close Regulator Scrutiny
- Bank of England deadline for contingency plans set for July 14
- European Central Bank says it can take six months for approval
London has flourished as a financial hub over the past two decades. If Brexit curtails the U.K.’s access to Europe’s single market, it might become a far less attractive place from which to do business. (Source: Bloomberg)
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European and U.K. regulators risk inadvertently hastening the loss of some banking operations from London by pushing lenders to make detailed plans for the worst-case Brexit scenario, according to people familiar with the matter.