Banks have already begun to take action to shift operations out of the UK, but most of their staff will have to wait several months to find out how many thousands of them will be asked to move to fledgling financial hotspots like Paris, Dublin and Frankfurt. The loss of ‘passporting’ rights could see lenders move their headquarters from LondonThe US banks, therefore, are already preparing for the contingency that the right to sell financial products and services from Britain to EU clients could be partially or entirely abolished. Singapore likely to overtake UK for offshore finance.