Thousands of bankers in Britain are fretting about their job security as the industry faces upheaval in trading operations and regulations in the wake of Britain’s decision to quit the European Union.
The UK’s vote to leave the European Union is unlikely to give banks the bonfire of red tape long promised by many campaigners against EU rules and regulations.
Policymakers last week met in Brussels to explore an EU-wide approach to the insolvency rankings of bank creditors that could harmonise the divergence in local regimes that has emerged since last year.
Stricter European Union rules for corporate bond markets will be phased in gradually to ensure they don’t threaten funding for the economy, a senior EU official said last week.
A former head of spot currency trading at BNP Paribas is suing the French bank in a London court and claims it dismissed him for whistle-blowing, according to a court filing.