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U.S. Banks Prepare to Leave London after Brexit Vote

JumpinJack

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London is likely to lose its revered position as the world’s leading financial center as the recent Brexit vote means losing its privileged access to the EU, the world’s largest trading bloc. Major U.S. banks located in Britain have already begun preparing for the possibility that they will no longer be able to provide financial services to EU clients from their current geographic location.

Until now, banks around the world have been able to conduct business in the EU by setting up shop in the U.K., which has ‘passport’ privileges to the other 27 member nations. This is one of the primary reasons London has become not only the EU’s financial capital, but the world’s financial capital as well. (See also: The Top Three Financial Centres in the World).

Big U.S. banks were able to take advantage of the EU’s passport rules by setting up subsidiaries in Britain, offering financial services to the rest of the European continent and providing thousands of jobs in the process. In the city of London alone, Goldman Sachs Group Inc. (GS) employs 5,500; Bank of America Merrill Lynch (BAC), 4,500; Morgan Stanley (MS), 5,000; JPMorgan (JPM), 8,000; and Citicorp Inc. (C), 7,000.
US Banks Preparing to Relocate After Brexit (GS,BAM) | Investopedia

Ruh-roh. The beginning of British recession may be beginning.

I don't know if Britain should have been part of the EU or not, for various reasons. But one thing seems to be certain: It was very good for the British economy. I heard that one of the main reasons people voted to exit was because of immigration, but may not have realized the impact of leaving the EU or all the benefits it had brought to their economy. Nothing is all bad or all good, of course.
 
I don't know how you can say the EU has been good for the British economy. GDP growth there has been virtually nonexistent.
 
The people spoke. Predictably the losers are predicting doomsday. Said predictors are those who prefer globalization over sovereignty. The Brits now live with the consequences, good or bad.
 
The people spoke. Predictably the losers are predicting doomsday. Said predictors are those who prefer globalization over sovereignty. The Brits now live with the consequences, good or bad.

There is significant opposition to the EU setup within every EU country. Rather than bash Brittons for leaving, perhaps the leftist supporters of the EU might actually address the problems that are causing the opposition.
 
There is significant opposition to the EU setup within every EU country. Rather than bash Brittons for leaving, perhaps the leftist supporters of the EU might actually address the problems that are causing the opposition.

Obviously the stupid rubes of rural areas (who voted strongly for Brexit) are easily swayed into taking xenophobic actions that are not in their best interest. Brexit is the most glaring example of why the people should be listened to, but have their futures decided to by their betters, who will prevent rash mistakes.
 
Obviously the stupid rubes of rural areas (who voted strongly for Brexit) are easily swayed into taking xenophobic actions that are not in their best interest. Brexit is the most glaring example of why the people should be listened to, but have their futures decided to by their betters, who will prevent rash mistakes.

Perhaps the rural Brits were simply tired of having all the rules and laws that effect so much of their ordinary lives written by some unelected and unaccountable faceless bureaucrat in Brussels? I can't say I blame them for that.
 
Perhaps the rural Brits were simply tired of having all the rules and laws that effect so much of their ordinary lives written by some unelected and unaccountable faceless bureaucrat in Brussels? I can't say I blame them for that.

Where has that gotten them? Cast out of the EU, on the brink of financial ruin all for what? Fear of their own shadows! The bureaucracy knows best, the sooner the rubes accept that the sooner their lives will be better.
 
Where has that gotten them? Cast out of the EU, on the brink of financial ruin all for what? Fear of their own shadows! The bureaucracy knows best, the sooner the rubes accept that the sooner their lives will be better.

Sarcasm I presume?
 
Where has that gotten them? Cast out of the EU, on the brink of financial ruin all for what? Fear of their own shadows! The bureaucracy knows best, the sooner the rubes accept that the sooner their lives will be better.

I suppose such rationalization might also apply to the innocent person charged with a crime he did not commit. The sooner he accepts his fate and goes to jail, the sooner his life will be better, eh?

Many have been grousing about the EU since it started, as I understand it. Britain was "allowed" to keep its own currency as enticement to join the Union. Some say that had they voted to remain, the Pound would have been gone and the Euro installed in Britain.

As a US citizen I don't really care what happens, but I can understand the frustration of some Brits over having Brussels rule so much of their lives. Rather like the way Washington unnecessarily rules so much of our local lives here in this country.
 
I suppose such rationalization might also apply to the innocent person charged with a crime he did not commit. The sooner he accepts his fate and goes to jail, the sooner his life will be better, eh?

Many have been grousing about the EU since it started, as I understand it. Britain was "allowed" to keep its own currency as enticement to join the Union. Some say that had they voted to remain, the Pound would have been gone and the Euro installed in Britain.

As a US citizen I don't really care what happens, but I can understand the frustration of some Brits over having Brussels rule so much of their lives. Rather like the way Washington unnecessarily rules so much of our local lives here in this country.

The only reason you complain about "Washington" is the Right Wing Noise Machine keeps you afraid, keeps you in their pocket, keeps you their slave. Don't you see, the more you fight the inevitable, the worse it is for you, for the country! America, the UK... both are places where the rightful duty of guiding the people is being thwarted by Wall Street fat cats who know their insane and unjust profits will be damaged in taxation, that's what this is all about. The evil rich not wanting to pay their fair share. Staying in the EU would have meant higher taxes on the rich non-working class. So they convinced the stupid rubes of the rural highlands that Brexit was the answer. In America, the GOP Wall Street fat cats have done everything they can to thwart President Obama. Imagine how great things would be if the GOP would get behind Washington guiding the people instead of trying to line their reelection donors pockets with corporate welfare and tax cuts that the middle class and poor have to pay for???
 
I can find no down side to Brexit for the British people.
 
I don't know how you can say the EU has been good for the British economy. GDP growth there has been virtually nonexistent.

Have you not looked at the British economy since Friday? Did you not see my OP that London may lose its world status as a financial center, and along with that, thousands of jobs? That would be just the beginning of a recession. The appliances and cars those employees would've bought will not get bought. The appliance store employees will have lower commissions, and so spend less. Which means the cleaners down the street will be bringing in less money and may have to let go the part time employee. And so on and so on.

We did just go through a huge global recession in 2008-2011, and just coming out of it, although at a slow pace.

All I'm doing is looking at what's happening after the vote, and that there's a petition with over 1 million signatures asking for a new vote. It seems as if some people didn't realize all that would be affected.

But like I said, I'm not British and have no horse in that race. Except to the extent that U S companies will lose money.

Look at the stock market Friday and today. That's not just a stock market. That's money that people give to companies to operate their business. It affects all of us, some more than others.

But apparently immigration was driving the "no" vote, and I'm unfamiliar with why the EU was affecting immigration that much.
 
The people spoke. Predictably the losers are predicting doomsday. Said predictors are those who prefer globalization over sovereignty. The Brits now live with the consequences, good or bad.

Maybe so. The stock market around the world has reacted strongly and negatively. That translates into money lost, savings lost, retirement accounts losing, job loss eventually.

The British live with it, but it affects the world. For good or bad, we now have a global economy. If one country doesn't want to participate globally, that sets them up to have a hard row to hoe. But we'll see.

This reminds me of when Ireland wanted its "right to determine its own future" and be free from Britain. I wonder how those Brexit no-voters felt about Ireland's wishes?

Just an observation from an outsider.
 
There is significant opposition to the EU setup within every EU country. Rather than bash Brittons for leaving, perhaps the leftist supporters of the EU might actually address the problems that are causing the opposition.

It's the leftists who voted "no," wasn't it? It's the conservatives who want to stay in the EU, right?
 
Obviously the stupid rubes of rural areas (who voted strongly for Brexit) are easily swayed into taking xenophobic actions that are not in their best interest. Brexit is the most glaring example of why the people should be listened to, but have their futures decided to by their betters, who will prevent rash mistakes.

Maybe the EU was helping them in some way, and they were in a position to see it, whereas city people are more detached from the base things, like agriculture, a few more sales of products, or whatever. City people go to their jobs in buildings, then go home to their houses, sometimes unaware of how everything is connected, and how they are connected to the farmers in their area.

Calling people stupid for having a different opinion has never won any argument or swayed any opinion. Just hte opposite.
 
I can find no down side to Brexit for the British people.

Really? None? They won't even get much of a reduction in immigration. I believe it was Norway that had to take in immigrants to trade with the EU even though they weren't a member. The 350 million a week back into the healthcare system has already been debunked by the Leave side. Loss of jobs and freedom of movement through out the EU. Yep, no down side what so ever.:doh
 
It's the leftists who voted "no," wasn't it? It's the conservatives who want to stay in the EU, right?

I was under the impression that the opposite was true
 
I was under the impression that the opposite was true

You may be right. No pun intended. The parties are different over there, not necessary liberal or conservative.
 
France and others will have a referendum vote. This could spell trouble for the EU as a whole.

Brexit spreads across Europe: Italy, France, Holland and Denmark ALL call for referendums | World | News | Daily Express

With britain having voted to leave, germany is the only thing holding up the eu, without germany the eu is a joke, since it's second biggest economic power voted to leave.

Britain had many issues, immigration being one, other countries like france might leave to gain control over their own currency, which allows them to float their money issues down the road, and works very well if done responsibly. But unlike britain much of the eu countries are using the euro, which is controlled outside their country, which takes away a sovereign countries ability to manage its own currency and finance.
 
With britain having voted to leave, germany is the only thing holding up the eu, without germany the eu is a joke, since it's second biggest economic power voted to leave.

Britain had many issues, immigration being one, other countries like france might leave to gain control over their own currency, which allows them to float their money issues down the road, and works very well if done responsibly. But unlike britain much of the eu countries are using the euro, which is controlled outside their country, which takes away a sovereign countries ability to manage its own currency and finance.

Do you believe these countries took in all the refugees because of orders from Brussels or was it because they needed the workforce to supplement their aging populations? [like they said]
 
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