Banking News

The cost faced by UK banks of restructuring operations because of Brexit could be as high as €15bn (£13.1bn) and is likely to put a “material strain” on those institutions’ earnings over the coming years, according to a new study.

Research commissioned by the Association for Financial Markets in Europe and conducted by Boston Consulting Group and Clifford Chance, argues that lenders operating with UK bank licences will most likely have to create subsidiaries within the remaining countries of the EU in order to keep operating as they have done up until now in the aftermath of the split.

The cumulative cost of this restructuring could be as high as €15bn, according to the research, with the bill for each individual bank depending on its current geographical footprint and client focus.

http://www.independent.co.uk/news/business/news/brexit-latest-uk-banks-13-billion-restructuring-bill-eu-europe-split-study-afme-clifford-chance-a7820931.html

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