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Brexit: the ECB raises its tone against the banks of the City


The regulator gives them until the end of the year to relocate the workforce corresponding to their activity.

The European authorities are increasing the pressure on the banks of the City.

Six years after the Brexit vote, they sometimes continue to serve their European customers from London, without a sufficient presence in the single market to reflect their real activity.

In the absence of measures to expand this presence by the end of the year, the European Central Bank (ECB) may initiate a sanction process.

To discover

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Since 2020, the European supervisor of the banking sector has looked at the material reality of the structures put in place in the European Union by the large investment banks of the City to adapt to the new regulations after Brexit.

These are big names in American, British or Swiss finance, such as Goldman Sachs or Morgan Stanley.

See also

At the ECB, no wage boost in the face of inflation

Several hundred billion euros and a few thousand employees have been transferred to this side of the Channel, to Paris, Frankfurt or Amsterdam to adapt to these new requirements...

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Source: lefigaro

All business articles on 2022-05-19

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