UK BANKS AND OTHER FINANCIAL COMPANIES EXPANDING OR SETTING UP NEW OFFICES IN THE EU

UK banks and other financial companies have shifted at least $1 trillion worth of assets out of the country and into the European Union because of Brexit. Many banks have set up new offices elsewhere in the European Union to safeguard their regional operations after Brexit, which means they also have to move substantial assets there to satisfy EU regulators. Other firms are moving assets to protect clients against market volatility and sudden changes in regulation.