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British bankers get Brexit blues

Friday, July 01, 2016 - 01:47

For British bankers the shock of Brexit has passed. Now the anxiety is setting in. As Julian Satterthwaite reports, city insiders say the sector is suffering from an information vacuum

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For British bankers the shock of Brexit has passed. Now the anxiety is setting in. City insiders say the sector is suffering from an information vacuum. Bankers don't know if they will lose their job, or be forced to relocate. Reuters UK banking correspondent Lawrence White says London's rivals are circling: (SOUNDBITE) (English) REUTERS UK BANKING CORRESPONDENT, LAWRENCE WHITE, SAYING: "So most major European financial hubs are making overtures to British banks. Dublin, Frankfurt, Paris probably seen as the three leaders at the moment, and there's been some signs already that the French will try to claim some of the financial market roles that London plays. President Hollande came out and said he would like to see euro clearing move from London to Paris." The big banks so far ruling out immediate job cuts. HSBC and Barclays saying they are committed to the UK. Morgan Stanley swiftly denying talk that it was moving a thousand staff to Dublin. But there is still an expectation that job losses will come if Brexit hits growth. Now the City of London's future could hang on one thing: (SOUNDBITE) (English) REUTERS UK BANKING CORRESPONDENT, LAWRENCE WHITE, SAYING: "The banks really just want to have some strong leadership. And the key policy that they're looking for is to be able to maintain the passporting that lets them sell their financial services across the European Union." Passporting depends on the UK retaining access to the single market. But EU leaders say that won't happen if London tries to restrict immigration from the EU - a key promise of the Brexit campaign. That could leave the next British prime minister with a tough choice to make: Save the banking industry, or break a pledge to voters.

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British bankers get Brexit blues

Friday, July 01, 2016 - 01:47