Financial professionals sit in the Goldman Sachs booth on the floor of the New York Stock Exchange watch a television showing market news April 27, 2010 in New York City. Chris Hondros/Getty Images/AFP
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Big investment banks will begin the process of moving some London-based operations into new hubs inside the European Union within weeks after U.K. Prime Minister Theresa May set a date to trigger the formal mechanism for quitting the bloc.Goldman Sachs Group Inc. and Citigroup Inc. are among banks eyeing Frankfurt, other people said.London could lose 10,000 banking jobs and 20,000 roles in financial services as clients move 1.8 trillion euros ($1.9 trillion) of assets out of the U.K. after Brexit, according to think tank Bruegel.UBSChairman Axel Weber said this month that the bank will make a final decision on whether to move as many as 1,500 of about 5,000 U.K. investment banking staff soon after Brexit is triggered.BARCLAYSThe U.K. bank has settled on Dublin for its main hub inside the EU and is planning to add about 150 staff there, people with knowledge of the decision said earlier this year.
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