The European Central Bank (ECB) is putting more pressure on major international banks to come up with plans to ensure that their activities in the European Union can operate profitably and operationally independently after the transitional period of the Brexit.
In the period of transition following the departure of Britain from the EU, at the end of this year, and negotiations on a new trade deal that expired with difficulty. According to the ECB, banks are making progress with their plans after the Brexit, but some banks need to do even more, for example, about moving assets and staff from London to activities in the euro area.
Banks such as JPMorgan Chase, Goldman Sachs and Morgan Stanley have expanded their activities in the euro area in relation to the Brexit and are now under the direct supervision of the ECB. The central bank wants to ensure that operations on the continent of Europe are strong enough to operate from London without support. IT support, for example.