More than 7,500 finance jobs and over $1.5 trillion in assets have already left Britain for the European Union as banks prepare for Brexit in January, according to consultancy firm EY
Banks, insurers and asset managers have opened new or expanded existing hubs in the EU to continue serving their clients given that future access will be more limited once transition arrangements expire on Dec. 31.
But there could still be a flurry of further staff and operational announcements in the weeks before the year end, said Omar Ali, UK financial services managing partner at EY. Assets worth over 1.2 trillion pounds belonging to EU customers have also been moved from London to the bloc, where Dublin remains the most popular destination for new hubs, followed by Luxembourg, Frankfurt and Paris, EY said.
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