Jes Staley speaks during a panel discussion at the Institute of International Finance annual meeting in Washington September 25, 2011. — Reuters pic
While it is still the only global centre to rival New York, London has seen some business and job losses since the shock 2016 Brexit vote and financial services were largely forgotten by British leaders during EU divorce negotiations, cutting the City off from its biggest single customer. “I think what London needs to be focused on is not Frankfurt or Paris, needs to be focused on New York and Singapore,” Staley, a former banker at JPMorgan, told the BBC.
While trading in euro shares and some derivatives has left for other European centres — with some to New York — after Brexit, no one European competitor has dominated and so London views New York, Shanghai, Tokyo, Hong Kong and Singapore as its true rivals.
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