This might suggest that despite the current drop in the value of the pound and the pain that some companies are experiencing, many believe the implications won’t be as significant in the long-term, according to Synechron analysts. However, with the British Bankers Association saying recently that large and small banks are considering their options outside of the UK, it is clear that some are not willing to wait and see what deal the UK government agrees with the European Union.
Furthermore, the research also found that 55% of British banks have set up ‘Brexit Steering Committees’ to prepare for life outside the EU. A popular topic for these committees is likely to be relocation from the UK to another European financial centre, which Synechron has calculated to cost an average of GBP 50,000 per employee.
Other key findings include 56% of senior British capital markets executives believe that compliance costs will increase following Britain’s decision to leave the European Union, 78% of executives agree that Brexit will have a negative impact on UK financial markets and 82% also believe the European Union will be negatively affected by Brexit.
The survey was conducted on 80 financial services executives working in capital markets in banks based in the UK.
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