london finance chief upbeat after brexit trigger
Last Updated : GMT 11:59:16
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 11:59:16
Egypt Today, egypt today

as banks remain set to move some jobs abroad

London finance chief upbeat after Brexit trigger

Egypt Today, egypt today

Egypt Today, egypt today London finance chief upbeat after Brexit trigger

A person holds Union Flags near the Houses of Parliament in London
London - Arab Today

The outlook for London's financial sector has improved since Brexit was triggered, insists the man charged with its policy, even as banks remain set to move some jobs abroad.

Mark Boleat, who spoke on Thursday to AFP after British Prime Minister Theresa May activated the process for Britain's EU exit, nevertheless urged speedy trade talks to minimise disruption.

The signing of Article 50 of the Lisbon Treaty late last month has kick-started a two-year countdown to Brexit.

"On the whole, I think things are looking rather better," Boleat said when asked about the impact on London's financial sector, otherwise known as the City.

"We would hope that the negotiations go quickly and go well," he said. 

Bank of England chief Governor Mark Carney on Friday warned of sector-wide consequences of leaving without a trade deal, but was optimistic for an agreement.If early agreement could be reached on the terms for exit and on the rights of EU nationals, "there will be the minimum of disruption to business and consumers in this country -- and in Europe," said Boleat, who steps down next month as policy chairman of the City of London Corporation.

- London to lose bank jobs -

In the run-up to last year's Brexit referendum, the business community threw its weight behind the failed Remain campaign, arguing it would prompt large-scale City job losses.

So far, HSBC has stated it would likely shift 1,000 jobs to Paris, where the banking titan already has a significant operation.

US player Goldman Sachs will meanwhile move 1,000 staff from London to Frankfurt.

Boleat sought, however, to calm jitters over banks shifting jobs to other major European hubs. 

"Banks have had contingency plans since before the Brexit referendum in some cases. They have known there is a possibility that Britain will not be in the single market -- that has now been confirmed."

Many banks "will need to restructure what they are doing -- perhaps cease doing a few things, in some cases build up business elsewhere in the European Union. They are getting on and doing that." 

And he cited US investment bank JPMorgan's chief executive Jamie Dimon, who stated this week that he did not foresee shifting many staff from Britain over the next two years because of Brexit.

"I don't think businesses are going to announce what they are doing in a great fanfare," Boleat said.

As executives such as Jamie Dimon had pointed out, "we are going to need to build up our resources in other EU member states."

A few people would be moved, but "no one is going to say: we are closing down in London," he said.

Historic insurance market Lloyd's of London was the first group to respond to the Brexit trigger, announcing it will open a Brussels subsidiary in early 2019.

The market, which insures against catastrophes such as earthquakes, shipwrecks and revolutions, is seeking to ensure its continued access across the bloc.

- 'It will not be Lloyd's of Brussels' -

Lloyd's is "a unique organisation. It's not a company, it's a market. They will have to do something if Britain is outside the single market," Boleat told AFP.

"They have spent a long time looking at location. They have decided it's Brussels." 

But that was only part of their business, he said. 

"It's Lloyd's of London. The vast bulk of its business will stay in London. It will not be Lloyd's of Brussels," the departing policy chief added.

Boleat also argued that the future location of euro clearing -- the processing of euro currency transactions -- should remain in London.

France has been particularly vocal that other EU hubs should be ready to take over from London.

"The clearing is done in London because that is where the expertise is. That's where the market is. Brexit will not change that," Boleat said.

"Euro clearing is already a political football -- but we hope that economic reality will determine the outcome, not a wish to have a trophy function move to another place."

source: AFP

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

london finance chief upbeat after brexit trigger london finance chief upbeat after brexit trigger



Egypt Today, egypt today Modern colorful bedroom renovation

GMT 12:15 2017 Thursday ,21 December

Modern colorful bedroom renovation
Egypt Today, egypt today Paris Fashion Week: John Galliano goes co-ed on the catwalk
Egypt Today, egypt today For the Variety of Interior Design Styles

GMT 22:35 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 13:19 2017 Wednesday ,29 March

Belstaff appoints Karla Otto

GMT 12:02 2017 Tuesday ,21 November

ARIES (March21st-April20th)

GMT 14:16 2018 Tuesday ,27 November

Israeli settlers storm Al Aqsa compound

GMT 20:22 2018 Friday ,16 November

Antonov seeks meetings with leadership of US Congress

GMT 01:50 2016 Saturday ,24 September

23rd Tokyo International Book Fair kicks off

GMT 09:34 2017 Friday ,14 April

BTV changes transmission frequency for Europe

GMT 07:22 2012 Monday ,02 April

Fifi Abdo returning to the big screen

GMT 19:32 2017 Friday ,10 February

Partly cloudy, no change in temperatures

GMT 07:24 2011 Friday ,15 July

From \"cartloads of books\" to e-publishing

GMT 08:04 2012 Friday ,20 January

Nabila Mounib, Morocco\'s pioneer

GMT 13:01 2017 Tuesday ,14 November

CANCER (June22nd-July23rd)

GMT 09:01 2017 Monday ,13 November

Purists alarmed over moves to make French less macho

GMT 10:45 2017 Tuesday ,12 December

Magnitude 6.2 quake hits southeastern Iran

GMT 12:22 2011 Monday ,04 July

Ratan finds her Mr Right on a reality TV show

GMT 14:18 2016 Sunday ,11 December

Comedian T.J. Miller arrested in row over Trump

GMT 09:05 2011 Monday ,19 December

Society slow to embrace art
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday