Alik Keplicz / AP

Big banks are looking to move to new cities, most likely Paris or Frankfurt, as the U.K. makes preparations for Brexit. But eastern European cities are also wooing those banks, per The WSJ.

Their pitch: If you're going to move business operations, you might as well go somewhere cheap.

The WSJ reported that JPMorgan execs recently visited Wroclaw in Poland as a prospective option, and Goldman Sachs has been eyeing the city as a potential hub for its business. Credit Suisse, BNY Mellon and UBS have already been expanding operations there.

Why this matters: Brexit is forcing big banks to look to outside the U.K. as the pressure on costs and margins increases with the prospect of operating without the crutch of the E.U. Meanwhile, eastern European cities offer a much cheaper option than the more predictable European cities in France and Germany.

Go deeper

1 hour ago - Health

The top-selling drugs in the U.S. in 2019

Data: IQVIA, company financial documents; Chart: Andrew Witherspoon/Axios

The 10 highest-selling drugs in the U.S. last year gave away more than $23 billion in rebates to insurance intermediaries, but still netted almost $58 billion in sales.

The big picture: The U.S. drug pricing system is filled with confusing numbers, and many entities profit off the flow of drugs, but pharmaceutical companies retain a vast majority of the proceeds.

Caitlin Owens, author of Vitals
2 hours ago - Health

America's flying blind on its coronavirus response

Illustration: Aïda Amer/Axios

A month after the Trump administration changed how hospital data is reported, the public release of this data "has slowed to a crawl," the Wall Street Journal reports.

The big picture: This is the latest example of how the world's wealthiest country just can't get it together.

Updated 3 hours ago - World

Pandemic plunges U.K. into "largest recession on record"

The scene near the Royal Exchange and the Bank of England in the City of London, England. Photo: Tolga Akmen/AFP via Getty Images

The United Kingdom slumped into recession as its gross domestic product GDP shrank 20.4% compared with the first three months of the year, the Office of National Statistics (ONS) confirmed Wednesday.

Why it matters: Per an ONS statement, "It is clear that the U.K. is in the largest recession on record." The U.K. has faired worse than any other major European economy from coronavirus lockdowns, Bloomberg notes. And finance minister Rishi Sunak warns the situation is likely to worsen.