The thing that will be highest on banks’ radars is the impact of Brexit on their customers

24 June 2016

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Robert Cubbage, UK head of Banking and Capital Markets at EY, comments on the EU referendum result:

“The geographical issues that everyone has been speculating on in the case of a leave vote are now live. Non-EU banks who use the UK as a gateway into the rest of Europe and non-ring fenced banks are going to be most affected and will be reconsidering their structure. But this isn’t the biggest challenge facing the banks, they have planned for this and their location is something that is in their control.

“The thing that will be highest on banks’ radars is the impact of Brexit on their customers. UK and European PLC and the general public will all be affected by economic and market volatility, interest rate changes and lack of confidence. Banks will be concerned about the consequences of that on bad debts and the cost of borrowing.”