Wall Street banks critical of Brexit plans

Wall Street banks critical of Brexit plans

A number of prominent Wall Street banks and other large financial institutions with London operations have expressed concerns over the UK's failure to provide clarity on Brexit plans in a closed-door meeting with President Donald Trump's US commerce secretary Wilbur Ross, the Financial Times reports.

The meeting took place last week, according to people briefed on the discussions, at which the groups criticised Britain's unstable government and slow progress in Brexit planning.

They warned Ross this lack of clarity could force them to start moving thousands of jobs out of London in the near future, the FT reports.

According to sources, the attendees - which included JPMorgan Chase, Goldman Sachs and HSBC - said jobs would move back to the US or other European capitals as banks begin to put in place their worst-case Brexit contingency plans.

"There was broad discussion around the lack of progress in the Brexit talks and some discussion around various political scenarios," said one person briefed on the talks.

The banks warned Ross a "point of no return" was coming which would be the catalyst to start moving jobs, capital and infrastructure if no transitional deal is secured before the 2019 Brexit deadline. Groups declined to comment to the FT.

 

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