Bank of America says no going back on its $400m plans for Brexit move

The world’s biggest banks are warning that there will be no going back from the actions they are taking to cope with potential Brexit disruption, which is expected to cost them as much as $400m each.

Anne Finucane, Bank of America’s vice-chair, said her company would spend about $400m — the upper bound of a $300m-$400m range previously given by BofA — on everything from offices to moving people and technology as it tries to ensure clients can trade seamlessly with the EU after the UK’s exit.

“Multiply that by the number of financial institutions that are doing the same thing and it adds up,” Finucane told the Financial Times’ fourth European Financial Forum in Dublin.

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