Economic news

Costs for British banks will rise by 2-4% after Brexit

Operating costs of UK banks may rise by 2-4% and their capital requirements will increase by up to 30% due to Brexit, according to consulting firm Oliver Wyman.

The extra money will be needed to transfer part of the operations to the EU territory in order to avoid legal collisions. A number of banks may find this too expensive and give up part of the European business at all.

According to Oliver Wyman's forecast, because of Brexit, the United Kingdom will lose up to 40,000 investment banking jobs.

Earlier, HSBC noted that Brexit would cost it $200m-$300m and in the future could reduce revenues by $1 billion.

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