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LSE’s Rolet Says 100,000 Jobs at Risk If Clearing Leaves London

  • Very few financial centers can accomodate clearing, CEO says
  • Comments come as banks say France, Germany will win clearing
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The London Stock Exchange Facing Complexity of Brexit

One-hundred thousand jobs would be at risk if clearing leaves the U.K., said London Stock Exchange Group Plc Chief Executive Officer Xavier Rolet.

“We estimate, conservatively, that at a very minimum 100,000 jobs, in risk management, compliance, middle office, back-office support functions -- by the way not just in London, up and down the country -- are implicated in supporting this business and clearly could be at risk,” Rolet said in an interview with Bloomberg Television on Friday. “But the point is that there are very, very few financial centers around the world that could accommodate such a global business.”