US banks’ Brexit gambit hit by EU cross-border ban

US firms trying to Brexit-proof their European operations could now be hit by CRD VI

The UK’s departure from the European Union and single market forced US banks to move their pieces around the chessboard in Europe. New EU subsidiaries were supposed to shield US banks from the fallout of Brexit and the UK’s exit from the single market. Until recently, it looked like mission accomplished.

But the EU has made an unexpected move that could make things a lot more complicated for US banks, even if the UK was the intended target. The European Commission (EC) proposes to scrap

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