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Wall Street banks ‘may desert UK for Ireland’ if Britain leaves EU

‘Wall Street banks could abandon Britain for the Republic of Ireland if the UK decides to leave the EU, senior figures in the industry have reportedly said. This is despite a Forbes report that names London the world’s ‘most influential city’.

Changes to EU banking rules could see London stripped of its financial preeminence. Some major institutions including Bank of America, Citigroup and Morgan Stanley are believed to be drawing up plans to desert the City amid concerns the UK is drifting further from the EU.

This is despite a Forbes list of “The World’s Most Influential Cities 2014” which ranked London as the most influential city in the world, because it attracts more than double the amount of foreign direct investment deals than New York, which came in second.

Most US and Asian banks currently run their main European operations from the UK, which entitles them to provide services across the EU. But if the UK left the EU, it is unlikely foreign banks based in London would hold on to this benefit.’

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