Skip to content
Markets
City of London

ECB Says 21% of Trading Desks in Brexit Bank Review Face Action

  • Desks mapping review may see more staff move to the bloc
  • Some 70% of desks assessed used ‘back-to-back’ model
The European Central Bank headquarters, right, and skyscrapers in the financial district in Frankfurt, Germany.

The European Central Bank headquarters, right, and skyscrapers in the financial district in Frankfurt, Germany.

Photographer: Alex Kraus/Bloomberg

The European Central Bank said global lenders who set up units in the euro area after Brexit are still too dependent on operations outside the region, a conclusion that may lead some banks to move more staff into the bloc. 

The ECB found that 21% of 264 trading desks it reviewed “warranted targeted supervisory action,” according to a blog post on Thursday by Andrea Enria, who leads the ECB’s supervisory board. That will likely lead to renewed pressure for more job moves to the European Union from London. Bloomberg reported the staff-related findings on Wednesday.