Nov 17, 2016
Barclays says London will retain its pull
The chief executive of Barclays expects London will retain its "Gravitational pull" as a leading centre for global capital markets, despite concerns that the Brexit vote will lure business out of Britain. Speaking at the FT Banking Summit, Jes Staley said that although there was much uncertainty surrounding Brexit, London would still sit alongside New York as one of the major capital markets hubs. "The users of capital find the providers of capital, not the other way around, and the providers of capital, by and large, are resident in London and New York," he said. Mr Staley's comments follow concerns among a number of advisory firms and think-tanks that London could cede its place as a key financial centre as a result of Brexit. Mr Staley noted that the new structure Barclays announced this year - splitting into two divisions, UK retail banking and a corporate and investment bank to comply with new regulation - would position the business as a "Major player in two financial centres of the world".
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