More great news from the triumph that is Brexit.
Brexit latest: Bank of America CEO slams Britain's decision to leave the European Union | UK | News | Express.co.uk
Bank of America announced in July 2017 it would move its European operations out of London to Dublin.
The Irish capital is emerging as a top destination for businesses seeking post-Brexit relocation alongside the German business hub of Frankfurt.
Felix Hufeld, the president of Germany’s top financial regulator BaFin, said the watchdog will deal with requests to establish hubs on a "first come, first served" basis, hinting banks hoping to relocate need to do so before the Brexit deadline.
Mr Hufeld believes the European Union should prepare for a hard Brexit because "negotiators have not made sufficient progress on the designated key separation issues".
He said: "One thing that we will not accept under any circumstances is empty shells or what we call letterbox models.
"Banks that are planning a comprehensive division of work between offices in London and the EU need to transplant and split up their entire ecosystem established over the years – that means IT infrastructures, knowledge, processes and people."
Lobby group Frankfurt Main Finance forecasted earlier this year that around 10,000 bankers will migrate out of London to Germany because of Brexit.
Goldman Sachs chairman Llyod Blankfein strengthened the group's prediction, writing on Twitter: "Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I'll be spending a lot more time there. #Brexit."
The Irish capital is emerging as a top destination for businesses seeking post-Brexit relocation alongside the German business hub of Frankfurt.
Felix Hufeld, the president of Germany’s top financial regulator BaFin, said the watchdog will deal with requests to establish hubs on a "first come, first served" basis, hinting banks hoping to relocate need to do so before the Brexit deadline.
Mr Hufeld believes the European Union should prepare for a hard Brexit because "negotiators have not made sufficient progress on the designated key separation issues".
He said: "One thing that we will not accept under any circumstances is empty shells or what we call letterbox models.
"Banks that are planning a comprehensive division of work between offices in London and the EU need to transplant and split up their entire ecosystem established over the years – that means IT infrastructures, knowledge, processes and people."
Lobby group Frankfurt Main Finance forecasted earlier this year that around 10,000 bankers will migrate out of London to Germany because of Brexit.
Goldman Sachs chairman Llyod Blankfein strengthened the group's prediction, writing on Twitter: "Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I'll be spending a lot more time there. #Brexit."
Comment