LONDON - Global banks have said that they could move thousands of jobs out of Britain to prepare for the country's planned exit from the EU.
Financial service companies need a regulated subsidiary in an EU country to offer products across the bloc, which could prompt some to move some operations out of Britain if it loses access to the European single market.
Around 10000 finance jobs will be shifted out of Britain or created overseas in the next few years if the UK is denied access to the single market, a survey shows.
The Association of Foreign Banks in Germany expects 3 000 to 5 000 new jobs in Frankfurt over the next two years as a result of Brexit, its head Stefan Winter, of UBS, told Welt am Sonntag in June.
He said he expected 12 to 14 major banks to expand their Frankfurt sites significantly or build new ones.
Bank of America is looking to lease more office space in Paris as the bank prepares to expand its operations in the French capital to cope with the impact of Brexit, according to two sources familiar with the matter.
The bank has already said that it has picked Dublin as the new legal headquarters for its EU operations.
Bank of America said last month that its businesses and results could be adversely affected and it may have to incur additional costs if Brexit limited the ability of its UK entities to conduct business in the EU.
Barclays has signed a lease agreement for more office space in Dublin as it prepares to expand its operations there to cope with the impact of Brexit.