Wall Street banks are drawing up preliminary plans to move some London-based activities to Ireland to address concerns that the UK is drifting apart from the EU.
The Financial Times reports that people familiar with Bank of America, Citigroup and Morgan Stanley told the newspaper that they considered Ireland a favourable location for some of their European business if they needed to move them out of the UK. One said he was already planning to move some activities to Ireland.
The people said their plans were in most cases still at very early stages. But they said the US banks had started preparing for the eurozone’s impending banking union that threatens to isolate Britain and, ultimately, for a possible UK exit from the EU.
'I’m frankly looking at moving some activities to Ireland', said one senior UK-based manager at a Wall Street bank. 'I think the Irish central bank and government would welcome this. It is not so much Brexit, more about legal entity optimisation'.
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