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SYNECHRON IN THE NEWS

U.K. Bankers Confident City Will Remain Finance Hub After Brexit

November 1, 2016

Most U.K. bankers believe London will remain Europe’s pre-eminent financial center after Brexit, according to consulting firm Synechron Inc.

About 72 percent agreed that the City of London would retain its role as the main hub for finance in the European Union for at least five years, Synechron said, citing a survey of 80 financial-services executives working in capital markets in the district. While 78 percent said Brexit will have a negative impact on U.K. financial markets, 82 percent said the EU would also be hurt.

Bank executives are bracing for the possible loss of their right to sell services freely around the EU from London, and plan to start moving jobs and operations out of the U.K. weeks after talks start over the U.K.’s withdrawal. Companies are concerned that Prime Minister Theresa May will prioritize immigration over the needs of the City in her negotiations with EU counterparts.

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