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Some banks consider moving out of the City www3.nhk.or.jp

Many financial institutions operating in Britain are considering moving their bases out of the City of London, the country's financial hub, following the Brexit vote.
 
There are about 250 foreign financial institutions based in London, a location that allows them to do business freely in other EU member states.
 
Following the UK's decision to leave the EU, some major foreign banks have begun discussing whether to move their bases to other European cities such as Frankfurt or Paris.
 
The CEO of JPMorgan Chase in the United States has said in an e-mail to employees that the firm may need to change its organization and the location of its European base in the next few months.
 
Britain's HSBC is considering moving 1,000 employees from London to Paris.
 
Western media report that the US firm Morgan Stanley has set up a working group to discuss relocating its European base to another city in the region.
 
They also report that Britain's Barclays is considering the Irish capital, Dublin, as a possible relocation site.


Published Date:2016-07-05