Banks such as Nomura and Credit Suisse have said that they would have to loop in colleagues from the European Union when talking to their customers in Europe about specific advisory work and regulated products such as loans or bonds.
According to Reuters, in the event of a no deal Brexit, even the cold-calling of company executives to pitch for new business out of London could cause the issues with the regulators of the European Union.
A spokesperson for the bank said that Credit Suisse is working to maintain access to clients and markets in the European Union through the use of existing infrastructure if ever there is a hard Brexit.
The company stated: “Discussions with relevant regulators, employees and key stakeholders continue but as we have previously stated, our solution will involve multiple locations, including Madrid, Frankfurt and Luxembourg.”
It added: “London will remain a key part of the bank’s footprint even after the UK’s exit from the European Union.”
Last Thursday, the attempt of Theresa May, the Prime Minister of the United Kingdom, to gain support for a Brexit deal that would enable bankers to continue business as normal until the end of 2020 was defeated in the House of Commons.
With Brexit set on the 29th of March and a no deal currently agreed, banks are beginning to make contingency plans.