News by tag: Brexit

17.11.2017

Credit Suisse prefers European Solution after Brexit

Credit Suisse is considering spreading its trading, investment-banking and wealth management activities across several European locations after Brexit,  «Bloomberg» reported, citing three sources on condition of anonymity.Switzerland’s second-largest bank is considering moving the activities affected by Brexit to a number of European cities, instead of replacing London with one large alternative location.

 
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08.11.2017

Brexit: Banks are asking for european license

Daniele Nouy, head of supervision at the European Central Bank, said in Frankfurt on Tuesday that license applications from about 20 banks are in some stage of assessment by supervisors on the continent, Bloomberg reported.  "Some have visited us several times to discuss their plans to move," said Daniele Nouy, who heads the ECB's banking supervision.

 
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27.10.2017

Brexit: UBS ready to move 1,000 staff out of London

The chief executive of UBS, Sergio Ermotti, says it is becoming "more and more unlikely" that the bank will move 1,000 staff from London after receiving "regulatory and political clarifications" around Brexit. The Swiss bank has previously said that around a fifth of its 5,000-strong UK staff were involved in operations dependent on passporting rights that allow financial services to operate across the bloc.

 
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20.10.2017

London house prices fall again, Brexit effect?

Two separate house price surveys published Monday, report a further decline in London property prices in September and October. According to the monthly house price index from Acadata and LSL Property Services, the average house price in England and Wales fell 0.1% on the month and rose 1.3% on the year, in September. However, excluding London and the south east, annual house price inflation was 3.3% higher.

 
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19.10.2017

Swiss model is the Third way for UK-EU relationship

British Euroskeptics now have a new watchword: Beware the “Swiss Trap.” Theresa May's government is reportedly heading towards a Swiss-style model for its relationship with the European Union after Brexit. To the frustration of hardline Brexiteers within the Conservative Party, the deal Switzerland has with the EU is now being seriously considered within Whitehall and has not been ruled out by the prime minister, according to Politico.

 
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10.10.2017

Frankfurt is the winner of the race post-Brexit

Frankfurt is emerging as the frontrunner in the battle for the post-Brexit spoils, as the German city lures banks and jobs out of London amid uncertainty over divorce talks. After months of stalled negotiations in Brussels between Britain and the EU left London’s future shakier than ever, a growing number of banks are stepping up their contingency plans by leasing office space in other European cities. While rival hubs have jostled to attract London’s bankers, Frankfurt – the city known by locals as Mainhattan, indicating its dreams of financial stardom – has established a clear edge over competitors such as Paris, Dublin and Amsterdam.

 
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03.10.2017

Brexit negotiations urge delay for "no sufficient progress", Juncker says

EU taxpayers should not be made to pay for the U.K.’s decision to leave the bloc, European Commission President Jean-Claude Juncker told the European Parliament on Tuesday, adding that there had not yet been “sufficient progress” in the negotiations. In a short speech to open the Parliament’s plenary debate on Brexit in Strasbourg, Juncker emphasized his intention to stick to the bloc’s hard lines on key divorce issues. “The taxpayers of the EU27 should not pay for the British decision,” he told MEPs.

 
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29.09.2017

Brexit negotiations fly in a cloudy sky

Britain and the EU on Thursday, September 28, hailed the progress of "constructive" Brexit divorce negotiations following a major speech by Prime Minister Theresa May, but Brussels warned that trade talks may still be months away. Speaking after the 4th round of talks in Brussels, European Union negotiator Michel Barnier and his British counterpart David Davis agreed that May's speech in Florence had created a "new dynamic" for the discussions.

 
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25.09.2017

Brexit Fear: Moody's downgrades UK rating

Ratings agency Moody's downgraded Britain's credit rating by a further notch, saying the government's plans to fix the public finances had been knocked off course and Brexit would weigh on the economy.                Moody’s brought the UK’s credit rating down from an Aa1 rating to an Aa2 rating over the weekend amid fears its public finances were not going to do well as a result of Brexit.

 
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22.09.2017

Brexit: UK banks become detective to find illegal immigrants

The BBC reported Friday banks and building societies in the UK will carry out checks from January to see if account holders are in the UK legally or not. The BBC quoted The Guardian as saying 70 million accounts will be looked at quarterly. The BBC said financial institutions will be provided with a list from anti-fraud organisation Cifas on people who are liable for removal or deportation from the UK or who have absconded from immigration control, and these organisations will then have to report anyone they discover and freeze or close the accounts.

 
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