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Banks’ Brexit Exodus From London May Continue, BOE Official Says

Jon Cunliffe

Jon Cunliffe

Photographer: Chris Ratcliffe/Bloomberg

Banks may continue to drift away from London if the European Central Bank intensifies its scrutiny of their presence in the bloc, the Bank of England’s deputy governor said.

Jon Cunliffe said the ECB may require some business to move back to the European Union following its ongoing review of banks’ booking models and trading desks. He added that firms may respond by moving to the U.S. instead or elsewhere in the coming years.