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February 28, 2019updated 07 Mar 2019 9:53am

Brexit in five facts: How the banking sector is preparing with a month to go

By Oliver Williams

With just one month to go until Brexit day on March 29th, Private Banker International looks the Brexit impact on UK banks, and steps they are making to ensure minimal disruption.

UBS sends €32bn to Germany

UBS will transfer €32bn of UK assets to Germany over Brexit concerns. The transfer from the British arm, UBS Ltd., to the German unit will take place in March. Less than 200 jobs are expected to be affected by the move.

Barclays sends €190 billion to Dublin

Barclays will shift €190bn in assets to Dublin amid no-deal Brexit worries. Designed to manage the outcome of a no-deal Brexit, the asset transfer involves around 5,000 clients.

Justice Snowden said the bank “cannot wait any longer” to implement its strategy.

Bank of America plans Brexit budget 

Anne Finucane, the vice-chair of Bank of America, has said the company would spend about $400m on offices, people and technology ahead of Brexit. BofA’s plans include moving $50bn of banking assets and creating a 500-strong trading business in Dublin. The bank is also moving traders to a new Paris hub. 

Only 20 financial firms will move assets out of London

Financial services firms are preparing to transfer assets worth £800bn from the UK to other locations within the European Union in contingency planning for Brexit, according to a report by EY. The study tracked the Brexit impact on UK banks and financial services firms. Of the 222 polled, only 20 have so-far announced plans to shift assets out of London to Europe since the EU referendum.

Frankfurt and Paris offer few banking jobs

Goldman Sachs, Citigroup, JP Morgan, Morgan Stanley, Bank of America, UBS, Credit Suisse and Deutche Bank posted a total of 1,545 jobs for bankers in Britain in January.

Reuters, which compiled the data, found just 301 jobs listed in Germany and France, the two countries widely expected to benefit from banks relocating out ahead of Brexit. 

 

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