The European Central Bank has toughened its demands for how many people and IT resources it expects banks to have in the euro area on the day the U.K. leaves the European Union
Bloomberg News reports that Goldman Sachs and Standard Chartered have recently expanded the number of staff moving to Frankfurt by April as financial services firms accelerate their Brexit planning, according to people familiar with the matter.
The decision came after the European Central Bank toughened its demands for how many people and IT resources it expects banks to have in the euro area on the day the U.K. leaves the European Union - called Day 1 - among regulators, the people said, asking not to be identified as discussions are private.
The number of additional employees Standard Chartered will have in Frankfurt on Day 1 was initially increased by a handful, according to a person familiar with the matter. But, the emerging markets lender now expects to more than double staff to in excess of 200 in a few years, the people said. It’s not clear if other banks have made similar changes to their Brexit planning to satisfy the ECB, said one of the people.
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