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Opinion
Mark Gilbert

London Bankers, Your Jobs and Bonuses Look Safe — For Now

New finance jobs created elsewhere in Europe, rather than transfers from London, threaten to erode the City’s status.

Canary Wharf, with the City of London in the distance.

Canary Wharf, with the City of London in the distance.

Photographer: Chris J. Ratcliffe/Bloomberg

Britain’s decision to leave the European Union has imperiled the City’s status as the region’s financial center. So far, the loss of jobs has been more of a dribble than an exodus. But the current hiatus masks a longer-term threat, as firms choosing where to house new positions expand elsewhere. 

At the moment, British banking is thriving. U.K. financial-services firms saw three-month business volumes grow at their fastest pace since June 2017 in the final quarter of last year, according to a Confederation of British Industry survey of more than 100 firms released Thursday. Profitability accelerated at its best rate for five years.