Standard Chartered exec warns over more Brexit staff moves
(20 August 2018 – Europe) Standard Chartered Europe and Americas boss Tracy Clarke has warned that tough demands from EU regulators could mean more jobs being moved from the UK than originally thought.
Ms Clarke says the relatively small size of Standard Chartered’s operations in the EU market means it would not “be moving hundreds of people”, but the impact of banks with large EU services may be “significant”.
Standard Chartered plans to create a subsidiary at its German branch in order to maintain access to the European market, spending about 15m turning its Frankfurt office into a European base due to Brexit.
The European Central Bank has said it will not tolerate so-called brass plate operations where companies have a presence in a host country in name only.
Ms Clarke says it means banks such as hers may end up moving more jobs due to Brexit than originally planned in order to meet European banking compliance rules.
“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 of us. But if they’re taking this approach with all other banks who are much bigger that we are in terms of their European business, that could be more significant,” Ms Clarke warned.
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