Money Is Flooding Out of London While the U.K. Bickers Over Brexit
- Deutsche Bank is said to lead repatriation to Frankfurt
- Trading venues are moving whole asset classes to Amsterdam
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The U.K. parliament can’t agree on how to leave the European Union, but many finance firms have already decided how much money to move out of the City of London -- a shift that’s seen by some as irreversible.
The big banks were among the first to plan to move assets out of London, with Frankfurt standing to benefit handsomely. Five of the largest banks looking to serve continental European customers now intend to move 750 billion euros ($855 billion) of balance-sheet assets to Frankfurt, according to people familiar with the matter.