The loss of European plc ( plc ) passporting rights for most banks based in the City of London will be “ manageable ” , raising concerns over the UK ’s withdrawal from the EU , according to credit - rating agency Moody 's . However , profitability will be declining for a time due to higher costs and the diversion of media attention with some offices being moved from London to Europe .
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.