[anothermouse]

20K bankers to shortly find themselves working in a regional office and wishing they could relocate back.

Passporting doesn't require moving your employees wholesale, you just setup a subsidiary within Europe and trade with that legal entity for European trades. A skeleton office is all that is required.

[tim333]

I was thinking that. Nearly all the big banks must have European branches already and presumably someone at Barclays London can log into the systems of Barclays Paris and do a trade there for instance if it has to be done that way.