A British student is spending the festive season in Spain rather than with family – because Spanish red tape combined with Brexit means she cannot leave the country while her visa is processed.

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.

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.