Apr 26, 2017

Barclays boss sounds Brexit talent warning

Barclays chief executive Jes Staley has said access to talented workers after Brexit is "Tremendously important" for the UK's financial sector. Mr Staley told the BBC: "Making sure we have access to the best and brightest of talent around the world coming to London... is perhaps the most important thing for the financial industry, perhaps even more important than passporting." Mr Staley, who was speaking at a Brexit event in London, said the strength of the City came from the "Intellectual capital" of its workers. The Barclays boss also described Google's decision to expand its London presence as potentially "The most important economic announcement post-Brexit". It's been commonly assumed that banks are most concerned about their ability to sell their services into the EU from London - so-called "Passporting" - but today's comments show priorities are changing as the chances of retaining those rights look all but dead. Both Mr Staley and the chairman of HSBC, Douglas Flint, said that contingency plans to deal with the passporting issue were close to being triggered.

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