Brexit, Meet ‘Banxit’
When Britain announced its decision to formally leave the European Union (EU), it raised a lot of uncertainty. While the decision caused global unsettling, probably the most anxious was the international investment banking community.
Until now, Britain, specifically London, has been the undisputed epicenter of investment banking, next to Wall Street. In fact most top-tier U.S. investment banks housed their international headquarters in London. Now, as Britain enters into formal exit discussions, these banks are beginning to look elsewhere.