Banks’ Brexit relocation plans hit by internal struggles

Author: Tom Young | Published: 20 Jan 2017

Banks’ post-Brexit relocation strategies are being slowed by differing priorities across teams, according to a London-based in-house at a US bank.

Immediately after Theresa May’s January 17 speech, HSBC became the first major bank to give detail on its plans post-Brexit, saying it will relocate 20% of its London banking operations to Paris. UBS said the same number of its UK employees would also be affected, while Jamie Dimon, chief executive of JPMorgan Chase said that around 4000 of the bank’s 16,000 could be hit.

But institutions appear to differ wildly on the extent of their preparations for moving. While most US banks have reportedly ensured they have all the required...