Brexit Threatens London's Banks
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iStock/Thinkstock(LONDON) -- Great Britain's decision to leave the European Union (EU) could cause the City of London's status as a world financial leader to take a hit, according to the BBC.

The BBC reports that London's main financial firms could lose unrestricted access to the EU.

London is the home to major financial institutions that employ tens of thousands of UK staff. These institutions trade freely across the EU through a process known as "passporting," the BBC reports.

This passporting process could be threatened should the UK choose to leave the single market as part of its exit from the EU.

Since the Brexit, banks in London have begun to look at moving some operations outside of the UK, according to the BBC.

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