ASSESSMENTS
Banking After Brexit: Who Will Be the New London?
Oct 30, 2018 | 12:17 GMT
![The skyline in London is all aglow as the sun sets on Aug. 16, 2018.](https://worldview.stratfor.com/sites/default/files/styles/2x1_full/public/brexit-display-gettyimages-1017996324.jpg?itok=YVcYnRDQ)
The skyline in London is all aglow as the sun sets on Aug. 16, 2018. While Brexit will weaken London's standing as a financial services center, the city will remain one of Europe's power players.
(DAN KITWOOD/Getty Images)
Highlights
- 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.
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