[illumin8]

http://www.bbc.com/news/business-36623723

"American banks JP Morgan and Morgan Stanley are able to sell to the rest of Europe from London under special "passporting" arrangements. Even before the negotiations with the EU begin, both have said they may need to move staff to the EU to serve their European customers. JP Morgan alone has warned up to 4,000 jobs could leave the UK.

Airbus employs 15,000 people in the UK and chief executive Tom Enders said. "This is a lose-lose result for both Britain and Europe. We will review our UK investment strategy, like everybody else will."

[dr_ick]

So no companies have announced they are moving. They are evaluating the situation, as any responsible corporation should.

The UK banking system is not about to collapse.

[justin66]

London will give up its position as "world financial capital," I would think. That always seemed a bit odd, and now that they're losing one of their main advantages...

[ommunist]

They are gaining one! Swiss banking privacy rules down under EU pressure. The UK now have freedom to keep large money more private than Swiss can do from now.

[justin66]

That's exactly opposite of what the United States has been pushing for the last couple of decades in terms of banking secrecy, pretty successfully. The U.K. could alienate the US government right now, but I bet they won't.

[ori_b]

Switzerland is not part of the EU. Why do you think that the UK have more freedom in this case?

[ommunist]

Switzerland already bent its traditional legislation to comply with new EU ruling about banks secrets snd reporting. The UK banking just got its chance.

[riffraff]

Switzerland did that because the alternative was, concretely, losing the ability to keep foreign customers, so they chose the lesser evil. Why do you think it would be different for the UK?

[joeyspn]

> The UK banking system is not about to collapse.

Santander -20%. Lloyds -21%. Barclays -18%... etc

Nothing to see here, everything is ok...

[protomyth]

no horse in this race, but here is the JP Morgan statement to its staff: http://www.businessinsider.com/jpmorgan-internal-staff-memo-...