Standard Chartered executive warning over Brexit jobs exodus

 
Jessica Clark
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Tracey Clarke said UK headquartered banks could be forced to move more jobs to mainland Europe than originally planned (Source: Getty)

A Standard Chartered executive has warned that more jobs could leave the UK after Brexit.


Europe and Americas regional chief executive Tracey Clarke said UK headquartered banks could be forced to move more jobs to mainland Europe than originally planned in a bid to meet banking compliance rules.

The bank is planning to convert its office in Frankfurt into its European base to retain access to the market after the UK leaves the EU.

Read more: Mayor of London warns capital must prepare for no-deal Brexit

The European Central Bank has said it will not allow companies to have a presence in a country in name only.


Clarke told the Press Association: "For us, it still won't be hundreds more people because of the size and scale of our business, so you might be talking a few more for us.

"But if they're taking this approach with all other banks who are much bigger than we are in terms of their European business, that could be more significant."

Standard Chartered has been waiting around nine months to receive a banking licence.

"Because we were one of the first there was no precedent for us, or for them. It's been a learning process on both sides," Clarke told PA.

Read more: EBRD plans to remain in London after Brexit