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Barclays says banks will move operations to continent reasonably soon
April 26, 2017 / 9:10 AM / 8 months ago

Barclays says banks will move operations to continent reasonably soon

LONDON, April 26 (Reuters) - Banks in Britain will begin shifting some operations to continental Europe “reasonably” soon to avoid disrupting links with customers, Barclays Chief Executive Jes Staley said on Wednesday.

Staley said it will be hard to get full clarity on Britain’s new trading terms in the time banks need to guarantee links to continental customers after Britain leaves the EU in 2019.

“You will start to see movement in a reasonably short period of time,” Staley told a conference.

Obtaining a licence to trade on the continent and changing financial contracts to another jurisdiction takes a year to 18 months, Staley said.

Speaking at the same conference, HSBC Chairman Douglas Flint said it would be better for Britain to get a good deal on new EU trading terms in a short time than an excellent deal some time in the future when banks have already triggered their contingency plans to shift operations from London to the continent.

Reporting by Huw Jones; editing by Jason Neely

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