ECB Keeps Up Pressure on Banks to Deliver on Brexit Preparation

Some lenders need to move more staff, assets to continent
Regulator wants units in Europe to stand on their own

Global banks are spending millions of euros to build out units in cities including Frankfurt.
Photographer: Alex Kraus/Bloomberg

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By Nicholas Comfort

September 9, 2020 at 8:57 AM UTC

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The European Central Bank says some lenders still haven’t done enough to beef up their European Union operations before the Brexit transition phase expires at the end of the year.