London is likely to lose its financial services passport, and investment banks that shift operations abroad quickly will benefit from a “first-mover advantage,” according to a confidential Deutsche Bank briefing seen by Business Insider.The internal note, titled “Brexit Briefing” and prepared for a July 5 board meeting, said the banks’ competitors would most likely ramp up operations in Ireland, France, Germany, and Luxembourg, where they have existing subsidiaries. A spokesman for Deutsche Bank declined to comment.Barclays and Bank of America Merrill Lynch could shift their markets businesses to Dublin, while Goldman Sachs has subsidiaries in Paris and Frankfurt, Germany, that it could use to keep its access to the 27-member single market once the UK officially leaves the European Union, according to the note. JPMorgan could shift resources to Luxembourg, where it has a subsidiary.Here’s the breakdown, according to Deutsche Bank:Current EU law allows European banks to operate branches in
LEAVING LONDON: Confidential Brexit Briefing Shows Where Deutsche Bank Thinks Other Banks Will Go
Bookmark the permalink.