Brexit Risks 30,000 U.K. Jobs and 17% of Bank Assets, Study Says

Global banks in London may have to relocate 1.8 trillion euros ($1.9 trillion) of assets to the continent after Britain withdraws from the European Union, putting as many as 30,000 U.K. jobs at risk, according to Brussels-based research group Bruegel. The assets potentially on the move represent 17 percent of the U.K. banking system, Bruegel said in a report published Wednesday. Based on discussions with market participants, the researchers estimate that 35 percent of wholesale banking activity in London can be attributed to dealings with customers inside the EU.
Read more: https://www.bloomberg.com/politics/articles/2017-02-07/brexit-risks-30-000-u-k-jobs-and-17-of-bank-assets-study-says?source=Snapzu