Leading executives from major American and British banks have created a league to cultivate closer relations in financial services between both nations after the United Kingdom departs from the European Union.
People privy to the matter said TheCityUK, the industry lobby association, has formed a steering panel headed by managers of Barclays and JPMorgan. It will attempt to discover prospective investment and trade deals post-Brexit. Sources said Barclays Chair John McFarlane is supervising the program.
They added the committee is coordinating with the UK Treasury and its financial services trade and investment unit.
Bankers have warned to beef up applications for obtaining licenses for new subsidiaries within the bloc and begin transferring staff and infrastructure from London if they are not informed whether a transition accord will be struck right after commencing formal talks.
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