Some investment banks are planning to start the process of moving staff abroad within a matter of weeks of the government triggering Article 50, according to people with knowledge of the matter.
Starting the process would not mean staff moving immediately, they said. Banks would need to establish a new legal entity structure and apply for licences, among other things.
Companies cannot afford to wait until the end of the two-year Brexit negotiation period and risk not being able to do business, Andrew Gray, head of Brexit for UK financial services at PwC, said.
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