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For Wall Street Banks in London, It’s Moving Time
Article

For Wall Street Banks in London, It’s Moving Time

Amie Tsang and Matthew Goldstein
The New York Times, 2019
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Editorial Rating

8

Qualities

  • Eye Opening
  • Hot Topic
  • Engaging

Recommendation

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.

Take-Aways

  • The European Union’s financial “passporting” system facilitates cross-border commerce for EU member states.
  • In the event of a hard or no-deal Brexit, London-based financial firms will no longer benefit from passporting. 
  • Global banks that center their European operations in London are relocating to Frankfurt, Dublin, Paris, Madrid, and other EU cities.

About the Authors

Amie Tsang is a business reporter based in London. Matthew Goldstein reports on Wall Street from New York.

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