European nations are reportedly accelerating preparations to attract bankers and financial professionals away from London as the U.K. is set to begin negotiations to withdraw from the European Union (EU).
U.K. based banks are finalizing internal Brexit back-up plans should they need to move parts of its business operations overseas, according to a Guardian report.
Banking executives are concerned that lenders headquartered in London would not be able to receive tariff-free access to the single market. They are considering moving elements of their businesses abroad to Paris, Frankfurt or Amsterdam to maintain healthy relationships with international clients.
"I'm very pessimistic about the situation (for the U.K.)… Article 50 has not been triggered just yet of course but one has to believe there is a good chance, a very good chance, that banks can service clients from outside the European Union," Christopher Wheeler, banking analyst with Atlantic Equities, told CNBC in a phone interview on Tuesday.