FirstFT: ECB pushes banks to boost their post-Brexit operations

FirstFT: ECB pushes banks to boost their post-Brexit operations

The European Central Bank is pushing banks to add hundreds of extra staff and billions of extra capital to their post-Brexit operations in continental Europe.

Despite predictions that tens of thousands of City workers would have to relocate after Brexit, Financial Times research showed only a minimal reduction of London bank jobs in recent years.

But bank executives, lawyers and supervisors all told the FT that the ECB had become increasingly forceful in its demands that lenders move more resources to the continent to run their European businesses.

The push is partly linked to the ECB’s decision to end temporary pandemic-era reprieves for banks to move staff and capital to the EU.

Thanks for reading FirstFT Europe/Africa. Here is the rest of today’s news — Jennifer

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