Losing banking jobs to EU ‘threatens financial stability across Europe’

Concern is growing in the City that Brexit-related bank moves could unravel related professions and risk wider financial turmoil.

The City of London has warned that the loss of banking jobs to EU countries due to Brexit could threaten British and European financial stability.

Interviews with more than half a dozen senior bankers and business leaders reveal growing certainty that the threat of losing single market access will force a wave of relocations this year and may cause an “unwinding” of a cluster of related businesses.

While the immediate loss of a few thousand jobs is viewed with relative equanimity, concern is mounting over the knock-on effect on financial stability if the City’s valuable related professions begin to fragment.

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