World’s biggest banks already plotting mass exodus from London after Brexit

Despite public messages of patience, banks are in a race to secure best European office space and accommodation for thousands of workers they plan to eventually move from the UK\

Big investment banks with their European headquarters in London will start the process of moving jobs from the UK within weeks of the government triggering Brexit, a faster timeline than their public messages of patience would imply, according to people briefed on the plans being drawn up by four of the biggest firms.

Dismayed by the lack of a clear plan to protect the UK’s status as a global financial hub, executives are planning for the worst – that they will lose the right to sell services freely around the European Union from the City, said sources who asked not to be identified as the plans are supposed to be confidential.

Facing a long process with potential waits for regulatory approvals before workers can pack their bags, banks want to start quickly in order to have new or expanded offices set up in Europe before the end of the two-year Brexit negotiation period.