The lender’s preparations include establishing a hub in Dublin and a broker-dealer in Paris, moving staff, creating legal entities and redoing contracts so that it’s ready to operate when the UK departs the European Union in March.
The lack of a deal between the two trading blocs means that most financial firms are preparing for a situation in which rules, regulations and market structure aren’t firmed up before the divorce, Moynihan said.
“Whenever you plan scenarios you have to go for the worst,” Moynihan said Thursday in a Bloomberg Television interview. “You have to plan for the outcome that’s the hardest to do.”
"It’s going to be very disruptive," he said.In the long term, two sets of rules for financial services in the European Union and U.K. will hurt the region’s economy and liquidity, and set back the development of capital markets by 10 to 15 years, Moynihan told a conference in Boston.
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