Banks will need up to $50 billion (€42.3 billion) in extra capital and see higher costs of $1 billion (€846 million) to diversify out of the UK and into the EU after Brexit, a leading consultancy has said.
Up to 35,000 jobs in the financial services sector overall and 17,000 jobs in the wholesale banking area were likely to shift out of the UK to the EU in the medium term, Oliver Wyman, a New York-based consultancy, said in Enjoy access to all articles and 25 years of archives, comment and gift articles. Become a member for as low as €1,75 per week.To read this story, log in or subscribe
Andrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.
Andrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.