Japan's biggest bank 'set to move investment operations from London to Amsterdam' because of Brexit
Hundreds of MUFG staff could be leaving the UK
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Japan’s biggest bank is reportedly set to move its European investment operations from London to Amsterdam because of the uncertainty posed by Brexit.
MUFG could move hundreds of its 2,100 London employees to the Dutch capital, sources told the Financial Times.
Other banks are also looking to set up new offices in various European cities because of Brexit.
The UK’s withdrawal from the EU is likely to have a significant effect on the financial services industry in the UK – along with numerous other areas – as companies in Britain will no longer be able to operate within the EU framework.
This could potentially block access to clients and significantly interfere with business.
Amsterdam is already home to MUFG’s retail and corporate banking operations.
The Netherlands has strict bonus caps but, under new proposals, these would be exempt for companies which employ at least 75 per cent of their staff outside the country.
The proposed move separates MUFG from other large Japanese banks based in London, which are eyeing moves to Frankfurt, the German financial capital.
The Bank of England has been pressuring financial institutions to outline their post-Brexit plans in recent weeks, the FT reported.
Frankfurt was also the choice of Citigroup, Morgan Stanley and Standard Chartered for their post-Brexit locations.
HSBC chose Paris and the Bank of America and Barclays opted for Dublin.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments