Extrication can, by its nature, be a time-intensive, unreliable process, and Brexit is no exception. London-based global banks may be facing a hard or no-deal Brexit, meaning that UK-based businesses will revert to basic World Trade Organization rules when dealing with EU clients, making London a poor center of operations. A soft exit, allowing London-based firms to continue participation in the European Single Market might ease the transition. In this New York Times article, Amie Tsang and Matthew Goldstein describe the exodus as global banks prepare to leave London.
In this summary, you will learn
- How Brexit is affecting London-based global banks,
- Where banks will move to when Brexit takes effect, and
- Why banks might avoid centering future operations in a single European city.
About the Authors
Amie Tsang is a business reporter based in London. Matthew Goldstein reports on Wall Street from New York.