EU exit could force Wall Street banks to desert Britain

telegraph.co.uk ^ | 18 Aug 2014 | Bill Gardner

[Berlin_Freeper]

Wall Street banks could desert Britain if the country decides to leave the European Union, senior figures in the industry have reportedly said.

Some major institutions are believed to be already drawing up plans to move activities abroad amid concerns that the UK is drifting further away from the EU.

Most US and Asian banks currently run their main European operations from the UK, which gives them a passport to provide services across the EU. But if the UK left the European Union, it is believed to be unlikely foreign banks based in London would carry on receiving the same rights.

According to the Financial Times, US-based banks including Bank of America, Citigroup and Morgan Stanley are considering Ireland as a favourable alternative location for business currently conducted in London.

[Vaquero]

Would think just the opposite.

[Wolfie]

Another plus.

[Iron Munro]

If there is money to be made someone will be glad to fill the vacuum.

[Wolfie]

Ironic, driving the snakes INTO Ireland.

[Gay State Conservative]

Ireland....the country that’s been brought to its knees by that monstrosity called the Euro?

[taxcontrol]

The author does not understand the financial markets or the cost of moving operations out of London. The most likely scenario is a split EU operation. Banks will not leave London unless it is a smoking crater.

[Gen.Blather]

“The author does not understand the financial markets or the cost of moving operations out of London. The most likely scenario is a split EU operation. Banks will not leave London unless it is a smoking crater.”

That was my take to almost down to the word! I read the article and wondered how something that idiot could get printed. Last I saw Britain had the largest investment in the US of any single nation. I’ll go out on a limb here without looking it up to be sure and say they have the second largest economy in Europe as well. Banks would be idiotic to leave there and move to, say, France with their bizarre tax laws.

[Berlin_Freeper]

London Mayor Boris Johnson threw down the gauntlet to the European Union this week, proclaiming that the U.K. had nothing to fear from leaving the EU and will have a “great and glorious future”

[wideawake]

No they won't.

Almost all of those banks have offices in London and in Frankfurt.

They will continue to business in the UK and in the EU.

[BobL]

Considering that bankers seem to be COMPLETE IDIOTS with the money from their depositors, given the Mortgage Meltdown and shoveling money to Argentina - knowing FULL WELL that the money will never be paid back, it would not surprise me one bit to find out that they are PUNISHING the only country acting responsible at this time.

[Vaquero]

In the unflattering photo you show it appears you don’t agree? Please elaborate. The EU looks to me to be a socialist bailout organization that funds nations, peopled by those who don’t want to work. Like Greece.