'City will have to launch Brexit plans if there is no transitional deal'

International bank Citi is tipped to move its EU hub to Frankfurt as part of its planning for Brexit.Major City firms will start implementing their Brexit contingency plans at the end of the year unless there is an agreement about the UK’s transition terms for exit from the EU, according to the City regulator.Financial Conduct Authority chief executive Andrew Bailey said City firms were getting near to the point where they would have to take steps to move staff and other measures to ensure