Short-term volatility is inevitable
The “harsh reality” of the probable changes to operating models and the engagement with the wider economy across Europe for many financial institutions will sink in over the next few weeks and “will send a shudder through the financial industry”, according to KPMG.
According to KPMG financial services partner Giles Williams: “We will see short term volatility which is a natural consequence of a vote of this nature. The critical issue is how this will play out going forward.”
He added: “In terms of priorities for the economy, the ability for Europe to access London’s well developed markets in insurance, securities and banking is critical. Equally UK-based firms must be able to continue to provide financial solutions to the market, corporates and individual citizens across Europe and internationally.”