Brexit and the British Banking Sector
Barclays Plc is prepared to shift some of its London operations and jobs to other European Union cities if the U.K. loses passporting rights after the Brexit vote, Chief Executive Officer Jes Staley said. Britain’s vote to leave the EU last month has thrown London’s future as the world’s preeminent financial center into doubt. While new Chancellor of the Exchequer Philip Hammond has said he’ll fight to support the financial industry in the City of London and retain passporting rights in exit talks, analysts have questioned whether that’s possible. HSBC Holdings Plc Chairman Douglas Flinthas said the firm will have to relocate 1,000 employees to Paris if passporting rights are lost. British Bankers Association CEO Anthony Browne discusses with Bloomberg's Francine Lacqua on "The Pulse."