Lloyd eyes Berlin for post-Brexit push

Lloyds Banking Group, a major financial institution in the U.K has decided to convert its Berlin branch into an European branch as an effort to protect their EU (European Union) operations in post-Brexit times. Firms like Lloyd and HSBC set up these EU firms because for many years, British-based financial services companies have been able to operate throughout Europe using so-called passporting rights.

Additionally, the consequences of Brexit are soon being realized as various studies have suggested tens of thousands of financial jobs could leave the U.K. HSBC has already said it is likely to move 1,000 workers from London to its European headquarters in Paris, while the insurance market Lloyds of London recently said it was setting up an office in Brussels.

Thoughts? Do you guys want to expand on any other economic consequences of Brexit?

http://www.bbc.com/news/business-39613888