investment bank: London to lose 800bn to Frankfurt as banks prepare for Brexit Read more RBS Group has lodged an application at Scotland's supreme civil court to transfer European clients of its Nat West Market business to its Dutch subsidiary, according to The Guardian. It would allow RBS to shift around 30% of the investment bank's customers out of the UK about 20% of its revenues to safeguard its business against a no-deal Brexit. Trading teams across Barclays, Nat West Markets and JP Morgan are also preparing by extending working hours and bringing in extra staff to deal with major market moves after parliament votes on Theresa May's Brexit withdrawal deal next Tuesday. The bank confirmed it will also shift around 6bn worth of client assets and 7bn in liabilities from its UK business to its new EU hub. While Amsterdam is set to serve as the bank's EU hub, RBS will also service clients out of Dublin, Frankfurt, Madrid, Milan, Paris and Stockholm. If the UK strikes a transition deal, the customer migration may be more gradual and subject to further political developments RBS said.
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