Brexit News Archive: 02 Aug 2017

Brexit mud fails to stick to UK banks

Barclays announced its second sterling Additional Tier 1 of the year on Wednesday, shortly after Moody's upgraded its outlook on the UK banking sector to stable from negative.
IFR   |   Wed, 2 Aug 2017 15:59:00

RSA raises dividend as first-half profit jumps but not complacent amid Brexit worries

RSA Insurance Group plc (LON:RSA) hiked its interim dividend by 32% as the company delivered first half profit, though it said it could do "much more" to improve. The insurer reported a 15% increase in operating profit to £360mln in the six months to 30 June, compared to the same ...
Proactive Investors   |   Wed, 2 Aug 2017 08:55:00

Despite Brexit: Moody's lifts the ratings on UK banks

Moody's has raised the outlook of several British banks and building societies, with the ratings agency saying they were better positioned for a "modest worsening" in the UK's environment.
Here Is The City   |   Wed, 2 Aug 2017 07:27:50

RSA lifts dividend after first half profit beat but is 'not relaxing' amid Brexit worries

RSA Insurance Group plc (LON:RSA) hiked its interim dividend by 32% as the company delivered first half profit, though said it could do "much more" to improve. The insurer reported a 15% increase in operating profit to £360mln in the six months to 30 June, compared to the same period ...
Proactive Investors   |   Wed, 2 Aug 2017 06:55:00

Britain could lose 40,000 investment bankers after Brexit - report

Britain's finance industry could lose up to 40,000 investment banking jobs in the next few years unless it strikes a softer deal on its departure from the European Union, according to a new report by consultancy firm Oliver Wyman. Banks are currently planning for a worst-case scenario in which they ...
Anjuli Davies, Reuters / Times of Malta   |   Wed, 2 Aug 2017 06:43:03

Brexit Could Lead to Loss of 17,000 U.K. Investment Banking Jobs

Up to 17,000 investment banking jobs could leave the U.K. soon after Brexit, according to the latest estimates from Oliver Wyman.
WSJ   |   Wed, 2 Aug 2017 01:48:42

Brexit & Beyond: Eurozone Economy Speeds Up, London Could Lose 17,000 Investment Banking Jobs, Spanish Real Estate Bounces Back

Brexit & Beyond: Europe in Flux is The Wall Street Journal's round-up of news and analysis of how Brexit will affect global business, economies and finance. You can sign up here. MUST READS Bloomberg News Eurozone Economy Speeds Up, Boosting Case for ECB Taper: Eurozone economic growth gathered pace in ...
MoneyBeat   |   Tue, 1 Aug 2017 19:02:09

Banks might need $50 billion to cope with Brexit fallout

Banks would need to raise up to $50 billion to support new operations in Europe if Britain crashes out of the union.
CNN   |   Tue, 1 Aug 2017 15:28:10

Banks might need $50B to cope with Brexit

CNN   |   Tue, 1 Aug 2017 15:27:54

UK voters believe economic damage is price worth paying to get their way on Brexit

Greater number of Leave voters willing to risk their own or family members' jobs than those unwilling, poll finds.
Saim Saeed / Politico   |   Tue, 1 Aug 2017 14:25:17

Most Brexit voters: Economic damage is worth it

Three out of five people who voted for Brexit think "significant damage to the British economy" is a price worth paying.
CNN   |   Tue, 1 Aug 2017 14:20:40

UK banks' costs will jump 4% and capital needs 30% under Brexit

Findings come after HSBC says initial cost of exit will be US$200-US$300 million
Chris Scott / Asia Times   |   Tue, 1 Aug 2017 13:47:54

Brexit Is Worth Family Members Losing Their Jobs, Say Half Of Leave Voters Over 65

Half of Leave voters over the age of 65 would be happy for their family members to lose their jobs in order to ensure Brexit goes ahead. A YouGov poll published today also revealed 61% of people who voted Leave at the referendum think that "significant damage" to the UK ...
Ned Simons / Huffington Post   |   Tue, 1 Aug 2017 12:34:22

EU: 23 cities keen to host UK-based agencies post-Brexit

BRUSSELS (AP) - The European Union says 23 cities are competing to host the bloc's medicines and banking agencies, which are based in Britain but must move before the country leaves the EU in 2019.
Associated Press   |   Tue, 1 Aug 2017 12:33:36

Brexit Could Lead to Loss of 17,000 U.K. Investment Banking Jobs

Up to 17,000 investment banking jobs could leave the U.K. soon after Brexit, according to the latest estimates from Oliver Wyman.
WSJ   |   Tue, 1 Aug 2017 12:26:52

Brexit: Majority of older Leave voters say significant economic damage is 'price worth paying', finds YouGov

71 per cent of over-65s would accept a big economic hit - and half are willing for family members to lose their jobs
Rob Merrick / The Independent   |   Tue, 1 Aug 2017 12:20:00

Brexit spoils: Who's vying to host London agencies?

Twenty-one EU countries have sent in bids to host the two EU agencies that have to be relocated from London after Brexit.
Sky   |   Tue, 1 Aug 2017 12:01:00

Leave voters are happy for family members to lose their jobs over Brexit

LONDON - Brexit voters are willing for the British economy to take "significant damage" from leaving the EU, even if it means their own family members losing their jobs, a new poll has found. 61% of all Brexit-backers believe that significant damage to the British economy would be a "price ...
Business Insider   |   Tue, 1 Aug 2017 11:56:56

Here are the cities competing to take EU agencies away from London post-Brexit

Brexit is happening and with it Europe needs to decide where to relocate the two European agencies based in the United Kingdom.
CNBC   |   Tue, 1 Aug 2017 11:46:00

40,000 investment banking jobs could go

The impact of such job losses would be striking.
Here Is The City   |   Tue, 1 Aug 2017 11:03:04

Britain could lose 40,000 investment banking jobs in Brexit exodus

The U.K. could lose up to half of its investment banking jobs over the next few years if the government continues to pursue a hard-line exit from the EU, a new report has warned.
CNBC   |   Tue, 1 Aug 2017 10:22:00

Brexit: Up to 20 new agencies to be launched outside London to takeover tasks previously done in Brussels

Ministers say the move will save money and provide careers for people in UK regions
Joe Watts / The Independent   |   Tue, 1 Aug 2017 09:36:00

Brexit: Free movement will end in 2019

Seeking Alpha   |   Tue, 1 Aug 2017 09:31:14

Britain could lose 40,000 investment bankers after Brexit - report

(Reuters) Britain's finance industry could lose up to 40,000 investment banking jobs in the next few years unless it strikes a softer deal on its departure from the European Union, according to a new report by consultancy firm Oliver Wyman.
IFR   |   Tue, 1 Aug 2017 09:20:00

UK must rescue itself from abrupt Brexit 'disaster', Hague says

LONDON (Reuters) - Britain is heading towards a Brexit disaster that could amount to the biggest muddle in its history unless finance minister Philip Hammond succeeds in achieving a less abrupt exit from the EU, former Conservative Party leader William Hague said.
Reuters   |   Tue, 1 Aug 2017 08:28:10

Hammond plan can 'save UK from Brexit Disaster'

William Hague has come out in support of Philip Hammond's plans to have a transition period where the UK effectively remains in the single market until 2022.
Sky   |   Tue, 1 Aug 2017 08:16:00

Deutsche Bank signs lease for new London headquarters

German bank confirms commitment to city despite plans to move some staff after Brexit
FT   |   Tue, 1 Aug 2017 08:01:22

A Brexit exodus may cost London 40,000 investment banking jobs

LONDON – A banking exodus from London will be costly. International lenders may need to shift as many as 40,000 investment banking jobs to the European Union to maintain activities on the continent after Brexit, according to financial consultants Oliver Wyman. Banks may also have to pump as much as ...
Business Insider   |   Tue, 1 Aug 2017 07:55:50

UK could lose 40,000 banking jobs after Brexit: report

Hard Brexit will make European banking 'significantly less profitable.'
Zoya Sheftalovich / Politico   |   Tue, 1 Aug 2017 06:15:33