Sunday, 19 August 2018

Standard Chartered bank executive warning over Brexit staff moves

A Standard Chartered bank executive says tough demands by EU regulators could mean more jobs being moved from the UK overseas than currently thought.

Europe and Americas boss Tracy Clarke says the relatively small size of the bank in the EU market means it would not "be moving hundreds of people".

But she says the impact on banks with large EU services may be "significant".

Standard Chartered is to spend about £15m turning its Frankfurt office into a European base due to Brexit.

The bank plans to create a subsidiary at its German branch in order to maintain access to the European market after the UK withdraws from the European Union.

BBC              News.

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