Banks Have a Key Weakness in Preparing for Brexit: Their Clients

Germany’s top financial regulator says banks are well prepared for Brexit, until you look at their list of clients.

While many details of the U.K.’s future relationship with the European Union remain unclear, global banks have already set up units in the bloc to retain access to those markets. The problem is that London is still the docking station for huge pools of international capital, and companies and investors aren’t keen to move their business until the politicians hammer out the details, BaFin President Felix Hufeld said in an interview.