News by tag: London

11.09.2017

London keeps the Crown as financial hub, despite Brexit

London has maintained its position as the world’s number one global financial centre, according to a major international study out today, extending its lead over rivals New York, Hong Kong and Singapore. However, City chiefs have warned that London’s supremacy will come under threat if the government does not secure the right kind of Brexit deal.

 
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01.08.2017

Brexit: 19 countries running for London based agencies

The Council of the EU has received bids from 23 cities to host the European Banking Authority and the European Medicines Agency, which will be relocated after Brexit. In total eight offers have been made to host the EBA, which regulates the European banking sector, assessing risks and vulnerabilities by carrying out EU-wide stress tests. Some 19 cities are bidding to host the EMA, which is responsible for the scientific evaluation, supervision and safety monitoring of medicines in the EU and maintains the single market for medicines in the EU.

 
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18.07.2017

London is facing Brexit impact on economy, research says

Research by think tank the Centre for London concludes that the looming EU exit could be a factor in reducing numbers of Europeans coming to the capital to work, a slowdown in job creation, declining business confidence and decelerating house price growth. The report underlined an economic slowdown included deteriorating house prices and plummeting business confidence, coinciding with a drop in the numbers of Europeans registering to work.

 
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10.07.2017

UBS CEO Ermotti: Frankfurt new destination? Maybe

Swiss bank UBS is weighing up whether to move banking jobs in London to Frankfurt, Madrid or Amsterdam to cope with Britain's planned departure from the European Union, Chief Executive Sergio Ermotti said in an interview with CNBC. With around 5,000 employees based in London, Switzerland’s largest lender has been preparing contingency plans even before British citizens, in a referendum, voted to leave the EU in June 2016. "I think Frankfurt is a location of choice. There are different, other locations that could come into consideration," Ermotti said in the interview broadcast on Monday, according to a transcript.

 
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06.07.2017

Bye-Bye London: Deutsche Bank comes back home

Deutsche Bank is gearing up to re-home many of its trading and investment-banking assets back to Frankfurt from London over Brexit, according to a Bloomberg report. Germany’s largest lender would relocate most of the business reported in London to a so-called booking center in Frankfurt under the plan, said the people with knowledge of the matter. The strategy, which is still being finalized and would be reviewed if the Brexit scenario changes, will probably be implemented over the next 18 months; trading jobs and up to 20,000 client accounts could also be shifted, the source told Bloomberg.

 
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03.07.2017

London exit: Frankfurt picks up the role of financial hub in Europe

Germany's financial hub, Frankfurt, is trying to attract its share of the Brexit-driven banker exodus from London by appealing to "risk takers" working in the financial sector. The UK is widely expected to lose financial passporting rights after its EU exit, which would represent a huge blow to its financial services industry. The EU's passporting rules allow businesses to sell services across the union from anywhere within it and only require companies to be regulated in one country, rather than everywhere they operate.

 
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22.06.2017

Nomura choose Frankfurt for new headquarters post-Brexit

Nomura picked Frankfurt as the headquarters for its European Union operations after the UK leaves the bloc, Bloomberg reported.   Japan’s biggest brokerage will start preparations this month to form a base in the German financial centre, one of the people said, asking not to be identified as the matter is confidential. The decision will necessitate regulatory approval along with securing the requisite office space before transferring fewer than 100 employees from London to the city, according to the person.

 
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29.03.2017

EU Commission blocks $30 bn London-Frankfurt stock exchange merger

The merger between the Deutsche Börse and the London Stock Exchange has been vetoed by the European Commission because of competition concerns, ending a third attempt in 17 years to unite the financial hubs of London and Frankfurt. In a statement on Wednesday, EU Competition Commissioner Margrethe Vestager said Britain's decision to leave the 28-nation bloc had played no role in banning the tie-up.

 
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28.03.2017

London Top Financial Hub, Switzerland out of Top Ten

London may be on the cusp of falling down from its post as top financial center of the planet, finds a new report, although rival European cities still lag far behind. The Z/Yen Global Financial Centers Index (GFCI), released last week, retained London’s top spot but uncovered widespread feelings of uncertainty among financial professionals, especially as concerns over potential fallouts from Brexit continue. The report’s ranking of 88 financial hubs placed London at the top, followed by New York City and three Asian cities: Singapore, Hong Kong and Tokyo.

 
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17.03.2017

Waiting for Brexit, UBS to move from London?

UBS has repeatedly warned it will move staff to the Continent in the wake of the EU referendum. Chairman Axel Weber claimed 1,500 jobs would shift from London to preserve its business on mainland Europe and that the two-year negotiation process for Brexit “simply would not work” for its relocation strategy. “We cannot postpone decisions on how we run our European operations,” Weber said at a conference in Frankfurt on Wednesday. “As soon as we know definitely that Brexit will happen, you will see decision-making processes kick off in all financial institutions.”

 
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