Senior Italian government officials say that the economic and social turbulence in Britain that has followed the withdrawal from the EU has been eye-opening, writes Kim Sengupta.

Goldman Sachs Group Inc. is shifting some of its euro swaps trading desk to Milan from London, the latest example of roles moving to the continent after Brexit.

UniCredit SpA is planning to move most of its London-based trading staff to Milan as Chief Executive Officer Andrea Orcel looks to accelerate plans by the bank to shift more people to the continent after Brexit.

High-earning financiers have been abandoning London and moving to Frankfurt, Paris and Milan. That’s worrisome for the U.K. financial capital.

Investment banks are shifting more rainmakers out of London to financial centres across the European Union, accelerating the pace of moves after the pandemic and uncertainty over Britain’s access to the bloc slowed relocations.

Worried that EU visitors post-Brexit would start claiming back value added tax on luxury purchases, the UK scrapped its rebate on the tax. / This makes the UK the only country in Europe not to offer such a rebate and makes Paris and Milan more attractive, as customers can save thousands of euros.

JPMorgan, the biggest U.S. bank, is moving around €200 billion euros ($230 billion) from the U.K. to Germany as a result of Britain’s exit from the EU. Here’s why.