Wall Street banks are drawing up preliminary plans to move some London-based activities to Ireland to address concerns that the UK is drifting apart from the EU.
People familiar with Bank of America, Citigroup and Morgan Stanley told the Financial Times that they considered Ireland a favourable location for some of their European business if they needed to move them out of the UK. One said he was already planning to move some activities to Ireland.
Most US and Asian banks have chosen to base their main European operations in the UK, giving them an automatic passport to carry out their services across all 28 countries in the EU.
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