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Banks Warned Over Failure to Move Employees in Time for Brexit

  • EU’s bank regulator warns preparations are ready but untested
  • Contingency plans not executed until last minute, Campa says
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EBA Chairman Says Banks Should Be Ready for Hard Brexit

Banks are waiting until the last minute to move staff and resources to their new European Union divisions, risking disarray during a no-deal Brexit, according to Europe’s top banking regulator.

With three weeks to go before Britain is due to leave the EU, banks have built the necessary infrastructure to handle the fallout but need to move employees more quickly, Jose Manuel Campa, chairman of the European Banking Authority, said in an interview.