Standard Chartered warns of more staff moves to continent

TOUGHER demands by EU regulators may force banks such as Standard Chartered to shift more jobs to Europe than originally planned due to Brexit, one of the lender’s top bosses has warned.

Standard Chartered has been waiting nearly nine months for EU officials to approve a banking licence that will turn its Frankfurt branch into a subsidiary, and while it originally expected approval by spring, it has been at the mercy of regulators still finding their footing.

Tracy Clarke, the bank’s regional CEO for Europe and the Americas, told the Press Association: “Because we were one of the first [to apply for a licence] there was no precedent for us, or for them.

“It’s been a learning process on both sides.”

While dialogue with German regulators and the European Central Bank has been “very constructive”, Mrs Clarke said they have become increasingly strict.

Ultimately, it means banks such as Standard Chartered may end up moving more jobs due to Brexit than originally planned.

“For us, it still won’t be hundreds more people because of the size and scale of our business, so you might be talking a few more for us. But if they’re taking this approach with all other banks who are much bigger than we are in terms of their European business, that could be more significant,” she warned.