The banks reveal their hands on coping with Brexit

With European summer breaks looming, the banking sector is finally coming out of the closet over how it plans to cope with the potential restrictions on London-based operations post-Brexit.

Until recently, very few of the world’s banks had communicated publicly quite how they planned to deal with the likely end of so-called passporting — the EU rule that allows a bank to locate a fully regulated entity in one member state and operate cross-border without the need for additional local regulation.

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