Jul
31
Banks May Be Hit With $50 Billion Capital Needs After Brexit
By-
Oliver Wyman says lenders will need capital for European units
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Need to exist outside U.K. will only grow, consultant says
Banks may need to find $30 billion to $50 billion of additional capital to support new European units in the aftermath of a hard Brexit, according to Oliver Wyman Inc.
The extra money is equivalent to 15 percent to 30 percent of the capital that wholesale banks currently commit to the region, the management consultant said in a report published Tuesday. In addition, operating costs could rise by $1 billion as functions previously handled in London are duplicated on the continent, the company said…
Banks May Be Hit With $50 Billion Capital Needs After Brexit
