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Bank of America CEO still sees no upside from Brexit
October 26, 2017 / 5:01 PM / in a month

Bank of America CEO still sees no upside from Brexit

(Reuters) - More than a year after Britons voted to leave the European Union, Bank of America Corp (BAC.N) Chief Executive Brian Moynihan said he still sees no potential upside from the decision.

FILE PHOTO: Brian Moynihan, Chairman of the Board and CEO of Bank of America Corporation attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 20, 2017. REUTERS/Ruben Sprich

While U.S. bank executives were opposed to Brexit from the beginning, they have spent the past 16 months since the vote making plans to adapt their businesses.

Bank of America announced in July that Dublin will replace London as the new base for its European operations as Britain prepares to leave the European Union. The bank has also signed a lease for office space in Paris. Other Wall Street banks, including Morgan Stanley (MS.N) and Goldman Sachs Group Inc (GS.N), are moving to Frankfurt.

Despite those plans, Moynihan said he found nothing to like about Brexit from a business perspective.

“Without Brexit hanging over our heads, we’d just be plugging away, working for customers,” Moynihan said in an interview with CNBC Thursday.

“There’s no upside here,” he said, adding that avoiding disruptions in markets and the flow of client assets was the best Bank of America and its peers could hope for.

Reporting by Dan Freed; Editing by Bernadette Baum

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