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ECB Says Global Banks Too Slow on Post-Brexit Staff Moves

  • Some firms lack sufficient EU-based capabilities, review says
  • Fewer roles than needed have moved to the bloc after Brexit
Office workers commute to work in the La Defense financial district of Paris.
Office workers commute to work in the La Defense financial district of Paris.Photographer: Nathan Laine/Bloomberg
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Some of the world’s biggest banks haven’t moved enough senior staff into the European Union after Brexit, the bloc’s top regulator has concluded, an assessment that will likely lead to renewed pressure for more job moves to the EU.

An exercise by the European Central Bank, known as “desk mapping,” found that several of the lenders reviewed -- who all have headquarters outside the EU -- haven’t built up sufficient local capabilities to manage their business in the region, people familiar with the process said.