Financial services companies have transferred around £800bn of assets from the UK to Europe since the 2016 referendum on EU membership while firms continue to move operations and staff to the continent, according to EY.
EY's financial services Brexit Tracker, which monitors public statements made by 222 of the largest financial services firms with significant operations in the UK, revealed that as of 30 November 2018, 22 companies announced a transfer of assets out of London to Europe. However, EY indicated that as not all firms have publicly declared the value of the assets being transferred, the total figure could be even higher. UK financial services leader at EY Omar Ali explained firms are continuing to move assets, staff and operations to the EU27 in efforts to ensure continuity for their clien...
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