LONDON — Four major U.S. banks — Goldman Sachs, JP Morgan, Morgan Stanley and Citigroup — have plotted out their exit plans after Brexit and al

US banks lay groundwork to leave London — reluctantly

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2024-05-14 23:30:04

LONDON — Four major U.S. banks — Goldman Sachs, JP Morgan, Morgan Stanley and Citigroup — have plotted out their exit plans after Brexit and already have one foot out the door.

"Citi is planning to move people to Dublin, while the other three are going to Frankfurt," one person familiar with the matter said. "At this stage the discussion isn't about moving thousands of people, just hundreds; numbers will grow if single market access doesn't happen." The source said the first to be moved will likely be the banks' derivatives trading teams.

"London is an optimal choice for us. Any other city would be sub-optimal," a banker at one major U.S. firm said. However, those familiar with the ongoing talks between the City of London, the British government and EU regulators insist things will change sooner rather than later.

"Some jobs will go, others will move and others will be created in Frankfurt or Dublin instead of London — and it's likely to happen between the first and second quarter of next year," the source said.