LONDON, April 26 Banks in Britain will begin
shifting some operations to continental Europe "reasonably" soon
to avoid disrupting links with customers, Barclays
Chief Executive Jes Staley said on Wednesday.
Staley said it will be hard to get full clarity on Britain's
new trading terms in the time banks need to guarantee links to
continental customers after Britain leaves the EU in 2019.
"You will start to see movement in a reasonably short period
of time," Staley told a conference.
Obtaining a licence to trade on the continent and changing
financial contracts to another jurisdiction takes a year to 18
months, Staley said.
Speaking at the same conference, HSBC Chairman
Douglas Flint said it would be better for Britain to get a good
deal on new EU trading terms in a short time than an excellent
deal some time in the future when banks have already triggered
their contingency plans to shift operations from London to the
(Reporting by Huw Jones; editing by Jason Neely)