Brexit Could Cost Britain Thousands of Banking Jobs

For many U.K. and European Union regulated firms, the two-year period will not be a sufficient period to allow an orderly reorganization of their functions.

Author:: TheStreet Staff
Publish date:: May 9, 2017 7:00 AM EDT

Financial service companies in the U.K. have said that the two-year Brexit negotiation timeline imposed by the government does not give them enough time to restructure their businesses, research has found.

For many U.K. and European Union regulated firms, the two-year period will not be a sufficient period to allow an orderly reorganization of their functions, should that be necessary, a report by Freshfields Bruckhaus Deringer LLP, commissioned by TheCityUK, has found.

"A longer and phased implementation period, signaled early in the Article 50 negotiations, would be highly desirable for the sector and would be mutually beneficial for the EU and the U.K.," the Freshfields report said.

Estimates of possible finance-related job losses due to Brexit fall between 4,000 and 232,000, according to separate reports by Oliver Wyman and Ernst & Young.

This article was written by a staff member of TheStreet.