EU banks prepare post-Brexit plan of action

Author: | Published: 21 Sep 2017

In early September it emerged that fewer than 10 UK-based banks had applied for EU licences to continue trading after Brexit. According to Reuters, the sloth pace is concerning to those at the European Central Bank (ECB), who are beginning to think that either banks are ill-prepared (unlikely), or that there's a loophole in the legislation (slightly more likely).

Either way, bankers might be a little hurt to hear this. London's financial services district was not only one of the most vocal opponents of Brexit itself, but was also pretty prepared. And if they weren't, they had to be this year; the Bank of England...