A report from consulting firm Oliver Wyman found that Brexit is going to push bank costs up as much as 4% and capital needs up 30%, reports the Financial Times.
The news comes one day after HSBC warned that the immediate disruption from exiting the euro zone would cost the bank US$200 to US$300 million, and US$1 billion of revenue in its global banking and markets unit would be put “at risk.”
Are UK officials ready to start dreaming with EU Council President Donald Tusk:
“Some of my British friends have even asked me if Brexit can be reversed and whether I could imagine an outcome where the UK stays part of the EU,” Tusk said in June.
“I told them that in fact, the European Union was built on dreams that seemed impossible to achieve. So who knows? You may say that I’m a dreamer but I’m not the only one.”