From Goldman to HSBC: A Breakdown of how the World's Financial Institutions Will Handle Brexit
Goldman and others have been already been prepping for Brexit

The most likely victim of the U.K.'s decision to leave the European Union, if not the economy itself, is expected to be Britain's banking sector.

A hub of financial activity and home to the international headquarters of many of the world's premier financial institutions, London enjoys at least some of its status as a result of its proximity to the European continent and access to consumers inside the European Union.

British and international banks are able to operate across all countries in the European Union without holding individual regulatory permissions due to the 'Financial Services Passport' they receive by virtue of being registered and regulated in London.

So, as the Bank of England governor Mark Carney on Friday told firms working across European borders that they had until July 14 to come up with a plan for coping with Brexit let's take a look at what banks including JPMorgan (JPM - Get Report) , Goldman Sachs (GS - Get Report) , Citigroup (C - Get Report) , Bank of America (BAC - Get Report)  and Morgan Stanley (MS - Get Report) among others, have already made public.

TheStreet takes a look: 

Goldman Sachs
Goldman Sachs

Goldman Sachs (GS - Get Report) , the second largest U.S. investment bank by revenue, has been a frequent subject of speculation, with some reports suggesting it could move as many as 350 jobs across to Frankfurt. But management are staying mum when in public.

"I think the answer is it's just too early to tell in terms of how this process is going to unfold...we'll contingency plan for multiple outcomes, but way too early to speak specifically," said CFO Henry Schwartz in a July call.

JPMorgan
JPMorgan
Jamie Dimon CEO of JPMorgan

After much speculation that up to 4,000 jobs could go at JPMorgan (JPM - Get Report) , the largest U.S. investment bank by revenue, CEO Jamie Dimon has kept his cards close to his chest when in public.

"I think the most important thing is that we will continue in every single country to serve our clients day in and day out," he said in a July earnings call, adding; "There are a range of outcomes, and anyone in our shoes will try to be prepared for each one of them."

Bank of America
Bank of America

Bank of America (BAC - Get Report) , the third largest investment bank in Europe, has given off mixed signals about its intentions after Brexit.

CFO Paul Donofrio also warned back in October; "We've developed plans based upon various scenarios and we're just going to have to wait and see how everything unfolds to know what we're going to do."

But in February it hired real estate agents CBRE (CBG) to scout the City landscape for 500,000 square foot of City office space, which would house its European head quarters from 2020 onward if it decides not to renew the lease on its current site near St Paul's Cathedral.

Citigroup
Citigroup

Citigroup (C - Get Report) , America's fifth largest investment bank, already has a subsidiary established in Ireland, which it said can be bulked up with extra people and additional capital if Brexit negotiations threaten its ability to operate across the rest of Europe.

"Brexit, hard, soft, or scrambled, is still an open question and is likely to remain so for the near future," said Mike Corbat, CEO of CitiGroup, in October.

Morgan Stanley
Morgan Stanley

Morgan Stanley (MS - Get Report) , the fourth largest U.S. investment bank by revenue, has said that it might need to move its European headquarters out of London if Brexit negotiations do not go the right way. 

"We like having our businesses there...But to the extent we have to comply with obviously the Brexit rules, we'll be putting our headquarters somewhere in Continental Europe," said James Gorman, CEO at Morgan Stanley in January.

And now on to the non-U.S. banks:

HSBC Holdings
HSBC Holdings

Europe's largest bank, HSBC (HSBC) , has said that it might need to move as many as 1,000 bankers out of London and over to Paris during the next two years, depending on how Theresa May's Brexit negotiation.

"Current contingency planning suggests we may need to relocate some 1,000 roles from London to Paris progressively over the next two years, depending on how negotiations develop," said Douglas Flint, chairman of HSBC, in February.

Deutsche Bank
Deutsche Bank

Deutsche Bank (DB - Get Report) , and other European lenders, face a similar but opposite problem to JPMorgan and other U.S. banks.

Deutsche and its European counterparts currently operate in London using the same EU passport. But they will inevitably face having to apply for a U.K. banking license in the aftermath of Brexit, if a bilateral agreement cannot be reached.

"We, in the vast, vast majority of cases, operate out of Deutsche Bank AG itself, so we're facing our clients and counterparties out of the German bank. We do add, comma, London branch to our documents, but it's essentially we're dealing with DB AG," said CEO John Cryan in July.

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This article was written by a staff member of TheStreet.