Share your story

First banks to shift to Europe ‘will have advantage’

Investment banks that shift operations abroad quickly will benefit from a “first-mover advantage”, according to a confidential Deutsche Bank briefing seen by Business Insider.

The internal note, entitled ‘Brexit Briefing’ and apparently prepared for a July 5 board meeting, speculated on what would happen if the UK leaves the EU and London-based banks lose their ‘passport’ into the Eurozone, said:

“A synchronised move by all major US and UK banks into the Eurozone would like create a signifiant bottleneck for EU supervisory bodies, both in preparation for that move and subsequently in managing those entities.

“Banks’ ability to operate these entities could be hampered by staff shortages as all the main banks look for the same resources at the same time in the respective local market. There will likely be a ‘first mover’ advantage for banks to start their ramp-up process, especially those in the same jurisdiction, due to competition for resources and backlogs for regulatory approvals.”

Related articles

European companies plan withdrawal from British banks

More than half of European companies think UK banks will lose “passporting” rights

Read article

HSBC profits plunge amid Brexit uncertainty

Chairman cites poll turmoil amid 29% profit slump

Read article

Relocation to Europe of banks

Most of the big banks in London will need a new legal home after Brexit

Read article

Latest tweets


Have your say

We're keen to find out how the effects of Brexit are affecting people and businesses nationwide. If you'd like to share a story, please get in touch

Get in touch