LONDON — Barclays; Bank of America, and more are all headed to leave London for good according to reports. Reports indicate that big banks are eyeing to leave London for cities like Ireland and Frankfurt within weeks.
The news comes amid reports that Theresa May will trigger Article 50 this week, er, effectively ending the UK’s time as a member of the European Union.
Sources report that May will trigger such an article on 29 March indicating a tough road ahead for the UK. Two years of staunch negotiations sit ahead, for a country that will need its own trade deal.
It is estimated that London will lose €1.8 trillion once Brexit is complete and thousands of banking and financial jobs.