Banks commit to the UK, but wary of volatility

Despite some talk of banks relocating jobs, most seem committed to their long-term future in the UK.
By Conner Guidry
In the wake of the UK’s referendum decision to leave the EU, banks are facing significant uncertainty, both about their own operations and the wider markets.

Commenting on the result, HSBC said: “”We are today entering a new era for Britain and British business. HSBC is well placed to support our customers and the markets as they deal with the challenges that will arise. Our commitment to British businesses, customers and staff in the UK remains undiminished.”

Credit Suisse said that markets have been affected negatively and market volatility will remain as Europe adjusts to this new reality. Credit Suisse, CEO Tidjane Thiam, added: “In these uncertain and volatile markets our clients need us most. This is an opportunity for us to stay close to our clients and to provide our expertise to them.”

Societe Generale claims it will follow discussions following the referendum, while continuing to adapt to best serve its international, European, and UK clients. The French bank also stated that it will remain focused on development in the UK.
JP Morgan responded with suggestions it may make changes to its European legal entity structure, but also stated it’s still prepared to comply with new laws as it serves international clients.

John Cryan, Deutsche Bank CEO, said: “We cannot help but feel disappointed at the outcome of the UK referendum on membership of the EU. Deutsche Bank has always been supportive of European integration as regards Europe as its home market.”

Cryan announced that he does not believe significant changes will be required to the current UK structure of Deutsche Bank. “We will monitor the UK’s negotiations with the EU closely. If any changes are required, they will be carried out in a way that minimises any impact on clients and employees.”