Published: Fri, January 20, 2017
Hi-Tech | By Merle Christensen

Freeze Out London and Europe Suffers, Khan Warns EU Over Brexit

Freeze Out London and Europe Suffers, Khan Warns EU Over Brexit

While May insists that Britain will abandon the EU's common market, Khan said she should press still in Brexit negotiations for "privileged access" to the trading area and for London to have the ability to hire the right talent from overseas.

The interventions by Barclays executives come after JP Morgan, HSBC and UBS all indicated Brexit would hit their London operations.

The firm reiterated that position in October, when the Sunday Times said the company was preparing to shift 2,000 staff if Brexit costs banks easy access to Europe's single market.

Mr Dimon said that number could rise or fall "depending on negotiations".

Germany's Handelsblatt newspaper also reported that Goldman Sachs is considering halving its London workforce to 3,000 and moving key operations to NY and continental Europe, particularly Frankfurt, where it could move up to 1,000 staff.

However, in a statement, the investment bank said: "We continue to work through all possible implications of the Brexit vote". There remain numerous uncertainties as to what the Brexit negotiations will yield in terms of an operating framework for the banking industry.

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"No decision has been taken and the numbers mentioned are none we would recognize", company spokeswoman Nicole Mommsen told Bloomberg after the report.

As Britain prepares to exit from the European Union, Goldman is reportedly planning to transfer 1,000 people from London to Frankfurt, and is also mulling moving operations staff from Europe's financial capital to Warsaw and NY.

UBS chairman Axel Weber said that about 1,000 of the Swiss bank's 5,000 employees in London could be affected by Brexit, while HSBC chief executive Stuart Gulliver said his bank will relocate staff responsible for generating around a fifth of its UK-based trading revenue to Paris.

Financial firms have been waiting to discover whether the United Kingdom can hold on to passporting rights, without which they could face significant barriers when attempting to trade with countries within the European single market.

'We're going to have to make an adjustment to the Brexit move, but it's going to be an adjustment that will be manageable for Barclays, and will not threaten, I think, the centre of London, or London as a centre of finance for Europe, ' Mr Staley told CNBC.

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