Banking After Brexit: Who Will Be the New London?
Oct 30, 2018 | 12:17 GMT
(DAN KITWOOD/Getty Images)
- Because of Brexit, companies in the United Kingdom's financial services sector will move some of their activities and staff to the European Union to continue operating in the single market.
- No single EU financial center will "replace" London, because several cities are suitable for various companies moving jobs and operations out of the United Kingdom.
- Europe's post-Brexit financial system will become more fragmented, and multiple competing financial poles could make the system less efficient.