How banking giants plan to cope with Brexit

GLOBAL banks have said they could move thousands of jobs out of Britain to prepare for Brexit, the country’s planned exit from the EU. Following are related stories about top banks (in alphabetical order):

Association of Foreign Banks in Germany: The association expects 3 000 to 5 000 new jobs in Frankfurt over the next two years as a result of Brexit.

Bank of America: Bank of America said in August that its businesses and results could be adversely affected and it may have to incur additional costs if Brexit limited the ability of its UK entities to conduct business in the EU. Dublin is Bank of America’s default option.

Barclays: Barclays is talking with Irish regulators about extending its activities in Dublin, the British bank said.

BNP Paribas: BNP Paribas may move up to 300 London investment bank staff because of Brexit, depending how clients adapt and the French bank’s efforts to win new UK business, a source said.

Citigroup: US bank Citigroup said that it may need to create 150 new jobs in the EU to deal with the impact of Britain leaving the bloc, and confirmed it would headquarter its EU trading operations in Frankfurt.

Credit Agricole: Credit Agricole, France’s third-biggest listed bank, could relocate about 100 employees from its London hub to France out of 1 000 based there in the case of a “hard” Brexit, its chief executive said.

Credit Suisse: Credit Suisse’s chief executive Tidjane Thiam said in September that his bank was relatively well placed to deal with Brexit and that only 15 to 20 percent of volumes in the investment bank would be affected.

Daiwa Securities Group: Japan’s second-largest brokerage Daiwa Securities Group said it will set up a subsidiary in Frankfurt.

Deutsche Bank: Deutsche Bank is beefing up its presence in Frankfurt.

Euroclear: Settlement bank Euroclear is looking at the option of setting up a branch or subsidi- ary to provide a route between its UK and Irish markets.

French Banking Federation: French banks could shift about 1 000 jobs from London to Paris to keep staff in the EU.

Goldman Sachs: US bank Goldman Sachs is considering moving up to 1 000 staff from London to Frankfurt.

HSBC: HSBC sees the chances of a hard Brexit receding after Britain’s shock election result.

Investec: Investec is considering converting its London bank’s Dublin branch into a subsidiary to ensure it has continued access to the European single market after Britain leaves the EU.

JPMorgan: said in July that the bank would probably use Frankfurt as the legal domicile of its European operations after Brexit.

Lloyds Banking Group: Lloyds Banking Group, Britain’s largest mortgage lender and the only major British retail bank without a subsidiary in another EU country, is close to selecting Berlin as a European base.

Morgan Stanley: Morgan Stanley has chosen Frankfurt to be a new base for its EU operations.

Nomura: Nomura Holdings is applying for a licence to operate a new entity in Frankfurt.

Northern Trust: Asset management company Northern Trust will set up an EU banking

Société Generale: Société Générale could move 400 corporate and investment banking jobs from London, with most going to Paris.

Standard Chartered: Standard Chartered is in talks with regulators about making Frankfurt its post-Brexit European base.

Sumitomo Mitsui Financial: Sumitomo Mitsui Financial Group said its core banking unit, Sumitomo Mitsui Banking Corp, has decided to set up a subsidiary in Frankfurt.

UBS: UBS is weighing up whether to move banking jobs in London to Frankfurt, Madrid or Amsterdam. – Reuters