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IBS Journal July 2016


15


Brexit at a glance


according to a BBC report. The employees concerned currently work in Canary Wharf, processing payments which are denominated in Euros. Various other FIs are said to be considering similar moves. JP Morgan, which employs 16,000 people in the UK, will, however, maintain a large presence in the country, although the US bank told employees in a memo that it “may need to make changes to our European legal entity structure and the location of some roles.


Lord Hill, the UK’s European Commissioner in charge of financial services, resigned, commenting, “what is done cannot be undone”. He will be replaced by Latvian Valdis Dombrovskis, currently European Commissioner for the Euro.


Meanwhile, Villeroy de Galhau, the Governor of France’s central bank, warned that UK-based banks would lose their EU passport rights unless there was something in place similar to “the Norwegian model of the European Economic Area, that would allow Britain to keep access to the single market but by committing to implement all EU rules”.


fallout from an historic referendum, in which Brits voted to leave the EU by 52% to 48%, continued to dominate the FS sector news agenda.


A


Moody’s cut the UK’s credit rating outlook to “negative” following the result, although those in the Leave camp countered that Moody’s has a tarnished image, having rated banks as solid in 2007 weeks before they collapsed. UK banking stocks plunged and this was replicated across Europe; trading in Barclays and RBS shares was suspended following both banks’ heavy losses on the London Stock Exchange. It’s not just the incumbents who are finding Brexit life tough. Challenger banks have also been taking a hit as investors become nervous about their exposure to a stuttering housing market and a wider economic slowdown.


HSBC could move up to 1,000 staff from London to Paris, s this issue of IBS Journal went to press, the


Finally, Virgin Group founder, Sir Richard Branson, called on the UK Government to greenlight a second EU referendum. Prime Minister David Cameron, who resigned after backing the Remain campaign, has ruled this out despite a government petition being signed by nearly four million people. Sir Richard (whose businesses include challenger bank Virgin Money) commented on TV show Good Morning Britain: “Banks being pounded means they’re not going to lend money and we’re going to go into recession. We’re heading towards a disaster and in business, if you realise you’ve made a bad decision, you change it…The facts that Brexiters told people were inaccurate. You’ve already got Nigel Farage (UKIP leader) saying that the £350 million that’s going to go into the health service was not true. You’ve got other people who were for Brexit saying that we cannot stop immigration if we do this. We’re not just saying overrule it, we’re saying let those same people that voted have another chance and that’s democratic.”


Scott Thompson and Alex Hamilton


www.ibsintelligence.com


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