The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Brexit: Relocating? Let me call my cousin

The one-year anniversary of the UK vote to leave the European Union is fast approaching and still most banks clustered in London haven’t disclosed plans to relocate staff to deal with EU clients, senior management to answer to regulators, or even any support staff.

They all know they have to; they all know they can’t wait until the outline of future trade relations is sketched; they all have project teams that have been weighing possible locations for months. 

Why the delay?

One consultant working with many of the big non-UK banks based in London offers Euromoney an explanation.

“Many of the banks already have subsidiaries, branches, legal entities and associated licenses in various EU states that have accumulated through a long history of business build-ups and withdrawals including mergers and acquisition but that don’t actually match up well with the regulated activities they now want to conduct in Europe. 

"By now, the project teams at all the banks have looked at this; the European authorities in the various countries competing to host them have been offering easy initial deals to entice them and the project teams all think they’ve come up with the right answers.

“But here’s the thing: most of these big financial institutions have European boards of directors that the project teams are now presenting their findings to. 

"So, you have the team at the US bank convinced that Frankfurt is the right answer, but their Spanish director is saying: ‘No, no, you haven’t considered Madrid.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree