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LONDON (Reuters) - Britain’s financial services industry should focus on winning business in the United States and Asia rather than the European Union in the aftermath of Brexit, Barclays CEO Jes Staley said.
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While still the only global financial centre to rival New York, the City of London has seen some business and job losses since Britain’s shock 2016 Brexit vote and has been largely cut off from the EU, its biggest single customer, by the divorce.
However, some see the distancing of London from Europe as an opportunity for it to carve out a more dynamic global role.
LONDON Britain’s financial services industry should focus on winning business in the United States and Asia rather than the European Union in the aftermath…
LONDON: London’s post-Brexit financial services industry must compete more with New York and Singapore rather than with leading EU centers, the head of British bank Barclays said.
“What London needs to be focused on is not Frankfurt or Paris, needs to be focused on New York and Singapore,” Jes Staley, an American banker who spent 30 years in senior roles at US financial services giant JPMorgan, added.
The UK’s powerhouse financial sector, which represents around 7 percent of the nation’s economy, should emerge stronger from Brexit, according to the CEO.
“Brexit gives the UK the opportunity to define its own agenda,” he said, adding that he do not feel there was any need for deregulation to achieve this end.
No Brexit bonfire for City of London, but it won’t be a ‘rule taker’
London has no desire for a bonfire of regulations to retain its position as a top international finance centre after Brexit but it is ready to act if the European Union blocks access, the City of London’s political leader said.
While it is still the only global centre to rival New York, London has seen some business and job losses since the shock 2016 Brexit vote and financial services were largely forgotten by British leaders during EU divorce negotiations, cutting the City off from its biggest single customer.
Brexit losses not catastrophic for City of London
Updated / Wednesday, 27 Jan 2021
09:58
City of London Corporation s Catherine McGuinness
London has no desire for a bonfire of regulations to retain its position as a top international finance centre after Brexit but it is ready to act if the European Union blocks access, the City of London s political leader said.
While it is still the only global centre to rival New York, London has seen some business and job losses since the shock 2016 Brexit vote.
Financial services were largely forgotten by British leaders during EU divorce negotiations, cutting the City off from its biggest single customer.