Barclays scraps Brexit crisis plan, situation better than feared

Barclays has already scrapped its Brexit crisis plans as the situation is much less severe than bosses had previously feared.

The Daily Telegraph reports that the bank, along with the rest of the sector, prepared for a leave vote in the referendum by piling up cash to supply customers who wanted to withdraw money or shift into other currencies.

But the plan was largely redundant, despite the large falls in banks' share prices after the vote.

"We were well prepared, frankly we have good experience of this now – we had extra cash in branches, extra FX positions, cash positions are strong for all the UK banks, most banks have been holding a lot of liquidity, and frankly none of that has been needed, all of that has been good,” said Steven Cooper, Barclays’ chief executive for personal banking.

To access the complete Daily Telegraph article hit the link below:

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