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Standard Chartered expects $20m Brexit relocation cost

Standard Chartered is set to spend about $20m (£15.4m) to turn its Frankfurt office into a European base due to Brexit.

Standard Chartered is the latest financial institution to discuss its planning for Brexit.

Barclays and JP Morgan are looking at expanding Dublin operations and RBS is looking at Amsterdam.

Deutsche Bank warned in April that it might move up to 4,000 jobs - or half of its UK workforce - out of the UK.

HSBC has said it could move 1,000 jobs to Paris, while UBS has said about 1,000 of its 5,000 London jobs could be hit by Brexit.