And banks may leave London for other European countries post-Brexit.
A Bloomberg report notes that managers at Zurich-based Falcon brushed aside concerns raised by a number of bank employees, according to the the Swiss regulator. Under pressure from two board members with 1MDB ties, the bank’s managers approved $3.8 billion of asset transfers linked to the fund from 2012 to mid-2015, the regulator, known as Finma, said. Read more here.
Deutsche Bank is facing a plethora of problems, one of which is higher borrowing costs compared to its peers including stragglers in Greece and Italy, according to recent data from Euribor. Reuters reports that Deutsche is the only bank to pay to borrow over a 9 or 12-month period of a group of 21 lenders, which are polled to determine the price of interbank borrowing for the wider sector. Read more here.
According to CNBC, banks such as Goldman Sachs, JP Morgan and Morgan Stanley may conduct business elsewhere in Europe due to the Brexit. Watch the video here.
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