Some of London’s largest institutions have begun approaching regulators to secure licences and lining up executives to relocate outside the U.K.
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Banks have already begun to take action to shift operations out of the UK, but most of their staff will have to wait several months to find out how many thousands of them will be asked to move to fledgling financial hotspots like Paris, Dublin and Frankfurt.InvestmentThe big US banks – JPMorgan Chase, Goldman Sachs, Bank of America, Citigroup and Morgan Stanley – have large operations employing tens of thousands of people in the UK. The US banks, therefore, are already preparing for the contingency that the right to sell financial products and services from Britain to EU clients could be partially or entirely abolished.Damian Carolan of Allen & Overy said it would typically take banks 2-3 months to put a licence application together. They would then have to wait for about six months for approval for an investment bank or brokerage, or nine months for a retail bank.Investment bank boss Daniel Pinto – whose unit employs most of JPMorgan's 16,000 staff in Britain – told the FT that the US group hoped to keep most of its UK investment bank intact.
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