Banking Law News

London’s Future Now Really Up For Grabs in Next Brexit Phase

Jan. 16, 2020, 5:00 AM

London’s battle to remain a global financial hub now rests on a once-obscure process controlled by politicians in Europe.

The European Union will consider about 40 equivalence decisions this year, determining how much equity, fixed-income and other investment banking business can remain in London and still serve EU clients. The bloc’s politicians are under no obligation to maintain close ties with the U.K.’s finance industry.

Barclays Plc, Goldman Sachs Group Inc. and Bank of America Corp. are among those preparing for the worst by building offices in cities including Dublin, Paris and Frankfurt over the last three years. However,...

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