Written by Jamie Crawley
The never-ending uncertainty surrounding Britain’s departure from the European Union has prompted fears of large job cuts as businesses downsize British operations as a hedge against possible Brexit ramifications.
Added to this, the chances of a no-deal Brexit have increased since Boris Johnson moved in Number 10, with his new government seemingly laser focused on exiting the EU on October 31st “come what may”.
However, this has had minimal impact on private banking and wealth management, industries where worst-case Brexit scenarios were already mapped out since before the referendum over three years ago.
Are private banks downsizing in the UK?
There has been much talk of businesses undertaking a UK exodus thanks to Brexit, with financial services companies setting up headquarters in places such as Frankfurt and Dublin.
Monica Atwal, managing partner at Clarkslegal LLP, describes the “multitude of negative ripples as a result of a no deal Brexit” if it leads to companies’ major investment decisions being made elsewhere.
“Other EU jurisdictions have benefited by the UK loss of passport rights and actively courted firms to expand into their countries,” Atwal continues.
“There will be damage to status of UK as a global centre of excellence for the provision of wealth management.
“But most business consider themselves international and will ensure they can provide service to their customers.
“Such customers requiring access to all markets, they want the whole picture and advice on risks of investments including those impacted by Brexit and how it has unorderly delivery. The power base has just changed.”
To read the full article written by Jamie Crawley for Private Banker International (PBI) visit: https://www.verdict.co.uk/private-banker-international/analysis-and-opinion/private-banking-brexit/