Actionable news
0
All posts from Actionable news
Actionable news in QQQ: PowerShares QQQ Trust, Series 1,

UK government receives warning over Brexit banking exodus

Large banks with a presence in the U.K. feel the country's government is not fully receptive to the financial services sector in the wake of the uncertainty surrounding the Brexit vote, an industry source with knowledge of the situation, has told CNBC.

The source, who wished to remain anonymous due to the sensitive nature of the topic, said a wide range of banks, both big and small, felt that while the U.K. Treasury is very receptive to their ideas about a "smooth Brexit", other government departments are less sympathetic

The source further added that a number of banks are planning to move their operations out of London due to the uncertainty surrounding Brexit.

"Banks with large numbers of customer accounts in Europe and banks financing infrastructure projects, bonds and derivatives in Europe are among those looking to move out of London," the source added.

This comes after the British Banking Authority (BBA) chief, Anthony Browne, wrote an article in the U.K.'s Observernewspaper Sunday saying big banks were preparing to relocate out of the U.K. early next year.

The BBA head said the political...


More