An exercise by the European Central Bank (ECB) known as “desk mapping” found that many creditors based outside the EU do not have sufficient capacity to support operations on the old continent.
According to sources close to the operation carried out by the monetary institution, citing Bloomberg, London banks did not transfer a sufficient number of senior staff to the bloc of 27 member states after Brexit.
In addition to British financial institutions, American banks and other banks suffer from a shortage of staff in Europe.
According to the US agency, this gap is mainly due to the reluctance of senior executives to leave the UK to work in the bloc countries, mainly for reasons related to language.
The exercise also indicated that the European delegations of these banks lacked technological resources. Sources cited by Bloomberg revealed that the ECB has already released the survey results with each bank and is in the process of making the decision on a case-by-case basis.
Barclays, HSBC, UBS, Bank of America, Citigroup, JPMorgan Chase and Goldman Sachs are some of the banks covered in this exercise.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
