The city of London in the United Kingdom has long been seen as a global center of finance. Many of the largest investment banks in the world have their offices in London. However, as Brexit looms ever closer, London would soon lose its prestigious status as a financial hotbed. When it was becoming increasingly clear that the UK would be leaving the European Union, all of the largest names in banking began drawing up plans to shift their operations out of London to other megacities in Europe.
Some of the banks to leave London include Citigroup, Goldman Sachs, and JPMorgan. These banking behemoths have reportedly declared their intentions to shift highly significant portions of their operations to Europe, even if Brexit does not come to pass and the UK stays in the union. All experts concur that such a move by all the big names in finance and banking will be a massive blow to London and the United Kingdom. Some of the banks have already laid the finishing touches on plans to move hundreds of billions of euros out of their London centers and into Germany. The city of Frankfurt is seen as a viable candidate for such a move. Others are said to have spent over £1 billion in preparations for the migration.
The financial services industry employs thousands of people in the UK and contributes £112 to the economy. The actual consequences of the banks moving are still unclear.