Brexit set to push VTB's Europe hub out of London

Herbert Moos, deputy chairman and chief financial officer of VTB, said the board of the state-owned lender was considering several alternative locations for its European hub, including Frankfurt, Paris and Vienna and would decide later this year.

...

Several US banking executives told a conference in London on Tuesday that without clarity on whether the UK will keep access to the single market, they may start moving people out of London early next year.

...

As many as 71,000 jobs and about £10bn in tax revenues could be lost from the UK's financial services sector and its wider support services if severe restrictions are imposed on the UK's ability to trade with the rest of the EU, according to a report published this week by the consultancy Oliver Wyman for CityUK, the lobby group.

... "I doubt that the ECB will accept us having critical functions being performed outside the EU," he said. "And building two central functions is expensive." [Moos said].