dglobalnews.com Barclays boss: London will remain the financial capital of Europe
Published: Fri, January 20, 2017
Tech | By Arthur Brown

Barclays boss: London will remain the financial capital of Europe

Barclays boss: London will remain the financial capital of Europe

Until now, banks have considered varying degrees of upheaval to their British-based businesses, depending on whether the outcome of Brexit was "hard" or "soft".

The company is considering moving as many as 1,000 employees including traders and compliance managers to Frankfurt as the firm shifts operations across the Continent and to NY, the newspaper said.

Earlier this month, JP Morgan boss Jamie Dimon warned that up to 4,000 financial-sector jobs could be lost in Britain if it loses access to European financial markets.

But the USA investment bank played down reports that the bank may cut London staff in half to around 3,000, while organising transfers to NY and to a new subsidiary in Frankfurt.

Goldman staff moving to Frankfurt would include traders and managers responsible for regulation and compliance, financial sources told Handelsblatt. Some people in trading operations who develop new products would probably move to the company's NY headquarters, it said.

Mr Gulliver added HSBC had an advantage over other banks, as it already has a presence in Europe after buying Credit Commercial de France in 2002, which holds most of the passporting rights it needs to trade in Europe.

It is expected to move about 1,000 staff involved in trading products, such as European stocks, that are regulated by the EU.

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In 2016 UBS set up a bank in Frankfurt to consolidate most of its European wealth management operations in an effort to conserve capital and simplify its structure.

Lloyds Banking Group Plc, Britain's largest mortgage lender, is set to choose Frankfurt as its base for guaranteeing ties to the European Union, according to a person familiar with the matter.

Financial firms have accepted that they will lose their "passporting" rights to freely sell services across the 28-nation bloc after Brexit, but want more time to adapt to whatever terms are agreed with the EU.

"I don't believe that the financial centre of Europe will leave the city of London".

Not all banks share Staley's views.

Gorab said "that there is an incentive for banks to publicly threaten to move positions away from London" in order rto secure the "best possible deal" when the country negotiates with the EU. UBS shares were down 2.1 percent.

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