Of courses it’s a negative if we lose business, that’s a given. What is not given is that all the banks in the city of London are planning to leave. That’s BS.

Not sure where you heard all the banks are leaving, the only jobs/roles/departments that’ll initial move is those that will have to – the rest will depend on whether it’s more effective to have them here, there or somewhere else. BAU

A few pages ago but from a very unreliable source. You are correct. That is obvious but doesn’t suit the current narrative

Needs jazzing up a bit…

teamhurtmore – Member

So do ah forget it….

Mefty, now don’t you go spoiling things with your sensible background material. It’s a minority business interest of no relevance to the fraudsters who own it. You heard it here first. #BREAKINGNKNONNEWS

They will be outta here faster than you can say “Barclays Bank”
Lolz at chewkw wannabe.
#SadFace

So any good news from the leavers yet? Or just imaginary nonsense to counter the real bad news?

Of course all the investment banks will move their EU operations into the EU when we leave. They will not be able to continue their business if they don’t as they will not be able to operate in the EU

THM claiming to be a banker now? Previously he has claimed to be a teacher.

Of course all the investment banks will move their EU operations into the EU when we leave. They will not be able to continue their business if they don’t as they will not be able to operate in the EU

Is that so, could you explain the difference between equivalance and passporting that enabled you to come to this conclusion.

Back to back trading anyone?

Now, now mefty you are getting technical and factual now. Both are to be strongly discouraged

Mefty – simple – the EU are not going to allow UK based banks to do business in the EU under passporting rights or any other scheme. this is why the banks are all making their plans to leave and indeed some of them are already doing so

Now, now mefty you are getting technical and factual now. Both are to be strongly discouraged

They will, of course, be the downfall of the ignorant.

Glad that we don’t need to waste any time and money on negotiating financail services. It’s all done and dusted – you heard it here first.

Bon voyage nos colleagues et amis….

I do love the leavers with their fingers in their ears shouting ” I can’t hear you”

May has pissed everyone in the EU off and made any chance of any deal much much harder with the hardline rhetoric and allowing her pet goon Johnson to go around insulting everyone’ The banks are already leaving or making plans to do so. Paris ad Frankfurt are gearing up to take over the city of Londons role. But somehow the UK will still be providing the majority of banking services to the EU in the minds of deluded leavers. Why do you think the EU are going to do favours to the city of London when they can simply take the business off them?

Its the red queen again!

Glad that we don’t need to waste any time and money on negotiating financail services. It’s all done and dusted – you heard it here first.

It’s almost as if you belive that financial services are above and beyond normal EU rules (as long as we’re part of the EU).
Que tengas mucha suerte!

So you think the UK, the biggest financial market in the world just about, wont be given the same status as the US, Japan, Singapore, Canada etc etc, when our regulatory regime is presently the same?

What percentage of Eu ex UK equity is raised in London?

What percentage of EU ex UK wholesale banking takes places in the UK?

Odd that the Germans made conciliatory comments this week. Do they not listen to STW?

#lessuckers

this is why the banks are all making their plans to leave move some operations, and staff, and indeed some of them are already doing so

Mefty all completely irrelevant as this was the situation while we were in the EU. Once we are out the EU are not going to grant any favours. Why should they? No upside for them and plenty of downsides. However if they refuse the UK banks passporting rights then its a win / win for the EU.

You really need to get real – the banks are which is why their investment arms are all moving to countries in the EU. all have advanced plans to do so and some are already in progress of doing so

so why would the EU grant passporting rights? What in it for them? France and Germany are licking their lips knowing they are getting all that lovely banking business and its to Germany and Frances advantage to refuse passporting rights. What have we got to offer the EU to get them to allow us to cream off this money? Nothing

get real

Kelvin – yes not domestic banking but the investment banking that makes all the profits

It’ll hit tax receipts hard.

the investment banking that makes all the profits

You really know very little about banking, what internal funding rate should be charged to an Investment Banking business by the bank’s Treasury to calculate its profit?

That’s you told mefty – what do you know about this? Get real 😉

kelvin – I am sure you are clever enough to ignore the advice offered ^ the results this week from Lloyds and Barc show this only too well

Mefty – coreect I know little about the details. However I know enough politics and I can read. all the investment banks are making plans to move their investment arms out of the UK and germany and France are encouraging them to do so this is the reality. the technical detils are irrelevant – the facts are that the EU investment banking is going to move to EU countries. Its already happening.

You seem to think you can have your cake and eat it – well you cant.

JP Morgan bosses are touring Germany and Poland looking to relocate 2,500 staff, while Morgan Stanley has identified 1,000 sales, trading and legal jobs that could go. HSBC indicated it would transfer about 1,000 trading staff from London to its Paris base on the Champs-Élysées in two years’ time. The chairman of UBS, Axel Weber, said around 1,000 of the Swiss bank’s London employees would be affected by Brexit. Goldman, whose very visible commitment to the capital is taking shape on Farringdon Street, played down reports that half its London workforce was on the move. A final decision is still to be made, but it could send 1,000 jobs to Frankfurt to continue servicing EU clients. As JPMorgan Chase supremo Jamie Dimon said: “It looks like there will be more job movement than we hoped for.” With the loss of passporting rights that let banks sell services across the EU from London, even Lloyds Banking Group, which does the majority of its business in the UK, will need to set up a subsidiary, probably in Frankfurt, so it can hang on to its German and Dutch retail clients.

http://www.standard.co.uk/lifestyle/london-life/when-brexit-comes-will-londons-bankers-move-overseas-a3447251.html

I know little about the details

Really? You seem to know more than mefty and he’s an expert in this area.

Andrea Orcel, the president of UBS’s investment bank, has said that the Swiss bank will “definitively move” some of its staff from London to a country within the European Union following the UK’s vote to leave the currency bloc.

UBS, one of the world’s largest managers of private wealth, previously said that London is likely to see an exodus of finance jobs in the wake of the Brexit vote.

The comments from two of the largest investment banks in the City of London underscore the extent of Brexit-related uncertainty gripping the UK’s financial industry.

For months, there has been widespread speculation that thousands of financial jobs currently based in London could be migrated to cities like Dublin, Paris or Frankfurt, so that the banks affected can continue to offer their services to EU clients.

http://www.independent.co.uk/news/business/news/brexit-latest-news-ubs-bank-chief-andrea-orcel-jobs-will-definitely-move-jobs-london-european-a7533691.html

US bank Citigroup has confirmed it plans to shift some jobs out of London to a rival European financial centre because of Brexit and will make a final decision on the location in the first half of the year.

James Cowles, Citigroup’s chief executive for Europe, the Middle East and Africa, said the bank had been in talks with governments and regulators in different countries, including Ireland, Italy, Spain, France, Germany and the Netherlands, and was now evaluating all of the options.

It comes as Swiss bank Credit Suisse also confirmed it was looking at various European cities but was still in the early stage of considering alternatives outside of the UK.

However, the European Central Bank has previously warned that Britain would not be able to access the passporting system without remaining a member of the single market and abiding by its rules, which includes the free movement of people.

Without access to a passport, UK-based banks face a significant barrier when attempting to trade with countries within the European single market.

http://www.thisismoney.co.uk/money/markets/article-4155338/Citi-Credit-Suisse-jobs-London.html

May has ruled out staying in the single market. the EU central bank has said no passporting rights without being in the single market. the investment banks are all making plans to move their EU investment banking out of london.

Need any more facts? Or do you still think you can have your cake and eat it.

“some jobs”

Getting back to some reliable comment at last…progress

Although the outcome of Brexit is not clear, it is clear that only countries that pay into the EU budget, and permit free movement of people from within the EU, currently benefit to any degree from flexible entry into the EU’s financial services single market. Brexit would therefore challenge London’s role as the venue of choice for global firms to conduct their European business.

https://www.ashurst.com/en/news-and-insights/insights/brexit-potential-impact-on-the-uk-banking-industry/

May is currently negotiating our access to the single market, At what point will people stop making things up?

No FoM. No shared court. Not in the Single Market. No passporting.

Probably wise to accept that is where we are heading. Plan for that eventuality, like all banks effected must do, but seek to stop it.

Oh this is fun. Still playing the red queen?

Large banks with a presence in the U.K. feel the country’s government is not fully receptive to the financial services sector in the wake of the uncertainty surrounding the Brexit vote, an industry source with knowledge of the situation, has told CNBC.

The source, who wished to remain anonymous due to the sensitive nature of the topic, said a wide range of banks, both big and small, felt that while the U.K. Treasury is very receptive to their ideas about a “smooth Brexit”, other government departments are less sympathetic

The source further added that a number of banks are planning to move their operations out of London due to the uncertainty surrounding Brexit.

“Banks with large numbers of customer accounts in Europe and banks financing infrastructure projects, bonds and derivatives in Europe are among those looking to move out of London,” the source added.

http://www.cnbc.com/2016/10/24/uk-government-receives-warning-over-brexit-banking-exodus.html

Britain’s biggest banks are preparing to move out of the country in early 2017 because of fears over the impending Brexit negotiations, while smaller banks are making plans to leave before Christmas, the chief executive of the British Bankers’ Association Anthony Browne said.

http://www.cnbc.com/2016/10/23/british-banks-preparing-to-leave-uk-over-brexit-report.html

Indeed Kelvin. May has rules out staying in the single market and accepting free movement of people so no passporting rights so banks will have to move.

Some deluded folk still seem to think the EU will offer a deal but I ask – why would they when they can just poach the business instead?

teamhurtmore – Member

May is currently negotiating our access to the single market, At what point will people stop making things up?

I thought FoM was non-negotiable? So she’s not negotiating about that. Similarly for the ECJ?

Or is FoM negotiable after all?

THM thinks those are May’s “pinklines” rather than redlines.

You should realise most senior guys in banks are the some of the most skillful politicians that you will ever encounter, they have risen to the top in a viper pit – treat their public statements accordingly – look for the action, I live in South West London, I am surrounded by bankers, they ain’t moving. That is not to say there are no issues, there are, but you really need to understand London as a financial centre. As I type people are making their way to work to service international markets that are open. Europe is important, but if you look at what services require to be passported it is a relatively small subset if we achieve equivalence. And if that doesn’t happen, it will be a massive own goal by the EU that will have significant cost to their citizens.

TJ now that you have discovered Google, can you use search tools to get up to date comments eg,

Anthony Browne, CEO of the BBA said: The Government’s commitment to free trade in financial services and a phased process of implementation provides important clarity on the kind of relationship the UK will seek with the EU.

“All existing EU member states have a mutual interest in ensuring that there’s a smooth exit and securing post-Brexit arrangements that recognise the close ties between our financial systems. The Government’s support for interim arrangements is essential to ensure there are no cliff-edge effects when the UK leaves the EU.

“We will continue to work with Government and regulators to support their negotiation strategy to agree a new partnership with the EU.”

Nothing is certain. The negotiations haven’t started yet. To suggest that we know any details for certain is totally absurd. But then again, absurdity is the name of the game.

All in all, seven months on from the referendum, it is still too early to tell what the real impact on the UK economy has been. Banks and their clients remain in a slightly surreal situation where nothing has changed, nor will it change in the immediate future but where change is imminent. Just how big or small that change is, or how long it will take for that change to have an impact, and how big that impact is, remains unclear.

The BBA very recently !

FOM is relevant to one option for continuing access to the single market. You know that.

May has made it clear no freedom of movement. The EU has made it clear there is no tarrif free access to the single market without the 4 freedoms. the european central bbank has made it clear there will be no passporting rights unless we are in the single market.

therefore either the UK banks lose all the EU business or they move those operations into the EU.

What are you on about its an own goal for the EU – its a win / win for them.

As for the banks moving – its already happening.

Continue sticking your fingers in your ears and pretending its not happening but that does not change the reality on the ground