Posted by AdviserDirect on 08/15/2019

Banks Told to Move Staff to EU as U.K. Heads for Hard Brexit

Banks Told to Move Staff to EU as U.K. Heads for Hard Brexit

The European Central Bank blasted banks for slow-walking their Brexit preparations, telling them to move additional staff and resources to the European Union in case Britain leaves without a deal on Oct. 31.

The central bank said firms have transferred “significantly fewer activities, critical functions and staff” to their EU operations than originally foreseen, according to a statement on Wednesday. The ECB said some banks are falling short of their supervisory expectations and can’t continue to rely so heavily on servicing EU clients from their branches in the U.K.

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