Global banks have warned they could move thousands of jobs out of Britain to prepare for the expected disruption caused by the country's exit from the European Union, endangering London's status as a major financial centre, the International New York Times reported on a Reuters story. Leading financial firms warned for months before last June's Brexit referendum that they would have to move some jobs if the "Leave" side won, and have been working on plans for how they would do so for the past six months.

Greece’s beleaguered banking system has taken a fresh hit from the country’s shaky bailout talks this year, registering its worst deposit outflows since the height of its debt crisis in the summer of 2015, the Financial Times reported. Latest figures from the European Central Bank showed households and businesses pulled €1.1bn from the country’s lenders last month, moderating from the €1.7bn withdrawn at the start of the year but marking the worst two-monthly outflow since the country was bought to the brink of a eurozone exit nearly two years ago.

European governments and related organisations have ramped up their sales of new debt this year, in the latest sign of bond markets bracing for rises in interest rates and an increase in political risks, the Financial Times reported. Overall borrowing from eurozone sovereigns, local authorities, agencies and supranationals such as the European Investment Bank is currently at €210bn — the highest year-to-date amount since 2012, Dealogic data show, and the second-highest level on record at this stage of the year.

European banking regulators Monday touted their achievements in pulling eurozone banks back from the brink, though they said more should be done to improve the sector’s profitability, repeating a call for more bank mergers. The eurozone economy is moving to slow, steady growth—giving the region’s banks a shot in the arm—after a prolonged contraction following the 2011 euro crisis, The Wall Street Journal reported. Read more. (Subscription required.)

One of the arguments employed by EU politicians to oblige UK-based financial companies to shift activity across the Channel after Brexit is that a necessary price of access is “onshore” regulation, the Financial Times reported. It is mainly a question of “who’s queen?”, namely which authority has the legal right to supervise the contents of the City’s vast financial punchbowl. Brussels might have swallowed the UK’s jurisdiction over the part that’s sourced in Europe when Britain was inside the trading bloc, runs the logic. Put the country outside it and the dispensation can’t remain.

Businesses across the 19-country eurozone, and particularly in France, are increasingly upbeat and hiring more people despite big uncertainties — including France's high-stakes presidential election, the International New York Times reported on an Associated Press story. A closely watched survey of some 5,000 companies indicates that business activity is growing overall at the fastest rate in over six years.

Croatia's government is drawing up a law to protect the economy if a major company runs into trouble, Deputy Prime Minister Martina Dalic said on Friday. She said the law could be used for debt-laden food business Agrokor, a major employer whose creditors include Russia's Sberbank. She denied the legislation was being drawn up because of Agrokor's problems, the International New York Times reported on a Reuters story.

A Portuguese bank has borrowed on the international debt market for the first time in more than a year, defying a boycott from BlackRock and Pimco, which are locked in a legal fight with the country’s authorities over losses incurred in 2015, the Financial Times reported. Caixa Geral de Depósitos’ €500m subordinated bond, which priced on Thursday at a coupon of 10.75 per cent, attracted more than €2bn of orders. CGD, which is state-owned, is the second lender this month to tap investor interest in higher-yielding, although riskier, bank bonds from the eurozone’s so-called periphery.

When the EU created a supervisor to police the eurozone’s biggest banks at the end of 2014, it was billed as vital to protect a financial system teetering from the sovereign debt crisis, the Financial Times reported. Two years on, the eurozone might be creeping back to health — but doubt still surrounds whether the new Frankfurt-based body, the Single Supervisory Mechanism, has done enough to tackle persistent failings in parts of the region’s banking sector. “In purely operational terms, they have had a good start,” said Nicolas Véron, a senior fellow at Bruegel, a think-tank.

Banks in London that relocate operations to the euro zone after Brexit are likely to be spared a lengthy entry test by regulators, making it easier for them to shift, according to two officials with knowledge of the matter, the International New York Times reported on a Reuters story. The European Central Bank, the euro zone's banking supervisor, has had many inquiries from British-based banks wanting to come under its watch, prompting it to look at fast-tracking licence applications, according to the sources.