City jobs could move to Europe after ECB crackdown

The European Central Bank wants more bankers to move from the City to the continent. European watchdogs warned that a post-Brexit review of more than 260 trading desks across seven banks had found that most were “empty shells”. The European Central Bank has been scrutinising outposts that international lenders have established in the European Union since Brexit amid concerns they are inadequately staffed. London has long been Europe’s financial centre but the Brexit vote in 2016 stoked worries that large numbers of bankers would be forced to move to the EU to continue serving clients. However, in March, EY estimated that only 7,000 workers had relocated. The ECB intervention could result in many more roles being sent across the Channel. The Times (£) The FT (£)