One of UK’s ‘Big Four’ banks is to relocate its European headquarters to Dublin.
Editor’s Remarks: Britain’s EU withdrawal is set to have an impact on many of the world’s largest banks’ operations, for example with the $570bn worth of euro clearing having to be moved into EU territory. Barclays’ departure is relatively small – 150 staff will be added to its base in Ireland’s capital – but fits into a wider bank scare over London operations, coming shortly after HSBC announced a move of 1,000 staff to Paris. With expectation-beating growth of 0.6% in Q4 2016, though, it remains to be seen how fazed Britain’s government will be.
What to watch: Barclays, HSBC, Royal Bank of Scotland, Lloyds