European Union regulators are refusing to cut British-based banks any slack over...
LONDON/FRANKFURT - European Union regulators are refusing to cut British-based banks any slack over bulking up in the bloc in preparation for Brexit, despite an extension to the process which some have taken as an opportunity to drag their feet.
“Businesses are trying to be savvy, to meet the minimum legal requirement and figure the rest out after Brexit,” Hakan Enver, managing director for financial services at recruiter Morgan McKinley told Reuters. HSBC, which declined to comment, shifted some staff from London to its Paris subsidiary in case of a no-deal Brexit on April 12, only to recall them when a new delay was agreed.
The Bank of England expects about 4,000 banking and insurance jobs will have moved from London to new EU hubs by Brexit Day, but recruiters and banking sources say the number that have moved so far is much lower than that. But there is still a long tail of small customers for whom repapering is a burdensome task of changing IT and controls systems, limiting how much business new hubs can take on despite regulatory pressure to move in to higher gear.
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