Banks concerned over poor transition progress.

Several significant financial institutions, including major US banks, have warned the US commerce secretary, Wilbur Ross that they might need to start moving jobs from London to key EU financial centres because of the lack of progress in ironing out a post-Brexit transition deal.

According to the FT concerns were raised at a closed session during Ross’ visit to London. Catherine McGuinness, Corporation of London policy chair, has said “the fear of a crash out is rising.”

Meanwhile Bloomberg report that Daniele Nouy, head of supervision at the European Central Bank, said in Frankfurt yesterday that 50 banks have discussed their ‘Brexit business-relocation plans’ with the European Union.

Nouy added that licence applications for 20 banks are in the process of assessment by European supervisors. “Maybe they have not signed the formal requirement,” she said, but they have made a “pretty comprehensive application that can be turned into a formal one very, very fast.”