The loss of European Union (EU) passporting rights for most banks based in the City of London will be “manageable”, dismissing concerns over the UK ’s exit from the EU, according to credit-rating agency Moody's. In a report published on Monday, Moody's said that while it was not expecting any immediate impact on its ratings, there were some risks associated with Brexit.
The loss of European Union (EU) passporting rights for most banks based in the City of London will be “manageable”, dismissing concerns over the UK’s exit from the EU, according to credit-rating agency Moody's. However, profitability will be reduced for a time due to higher costs and the diversion of management attention with some jobs being moved from London to Europe.