UK banking sector faces higher costs after Brexit, report warns
Banks may need to replicate departments in Europe to comply with EU regulations
Banks based in the UK may find their operating costs rise between 2% and 4% after Brexit, due to the duplication of departments on the continent required to comply with European Union regulations, according to a report released by consulting firm Oliver Wyman.
The functions most likely to be replicated are “control areas such as risk, compliance and finance, equivalent to around $1 billion, £756 million, across the industry”, the report says.
Banks intend to minimise the initial expense and
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