LONDON Restructuring operations around a hard Brexit could cost UK banks 15 billion (£13.1 billion) and add 40 billion (£35 billion) to tier one capital requirements, according to a new report.
A report for the Association of Financial Markets in Europe (AFME), compiled by the Boston Consulting Group and Clifford Chance, suggests that Britains exit from the EU could be hugely costly and disruptive to wholesale finance markets across Europe.
Philippe Morel, a senior partner at BCG, says: We found that in aggregate the cost, in the event passporting is lost, would be significant, both in terms of transferring bank operations and capital to new entities, as well as restructuring costs, and ongoing higher capital n…
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