Indeed, on 23 June 2016, the future changed – or to quote Yogi Berra: “The future ain’t what it used to be”. But what exactly the future will be is still unclear. Official negotiations on Brexit have not even started, and they will take years to conclude. Meanwhile, a cloud of uncertainty is now hanging over everyone, including the banks.
Despite this uncertainty, the banks need to act now to be well prepared for any outcome. But what does Brexit mean for the banks? Well, let us for a moment assume that there will be a ‘hard Brexit’ in the sense that the UK would turn into a third country from the perspective of the EU.