Banks poised to relocate out of UK over Brexit

Sapphire

There's another fact to consider: London has been a great financial centre for centuries. The other week I learned that several banks that still exist today (like Barclays) were founded in London just after the Great Fire of 1666! Banking, trading and other financial organisations, with all the expertise they involve, are very deeply rooted in London, and have been for a long time (did you know that the name 'gilts' arose at that time because bonds had gilded edges?). It's one of the reasons why I doubt that banks will up sticks and remove to other places that are looking increasingly fragile (in a number of ways) by the week.

Marktheshark

Banks are already out of the UK.
They are based in the "City of London".
A private state within itself.

Sapphire

Marktheshark wrote: »

Banks are already out of the UK.
They are based in the "City of London".
A private state within itself.

Well, no – London is the capital of England, and the 'City of London' already existed in the late 1600s/early1700s as a great financial hub. In fact, I think it was the Aldermen of the City of London (basically wealthy financiers, though ones mainly from the UK) who had a big influence on politics at the time, along with the Tories and the Whigs. Now such influence is more covert and not as obvious, but unfortunately it does exist and continues to work most of all for the benefit of the wealthiest…

The_Last_Username

Sapphire wrote: »

There's another fact to consider: London has been a great financial centre for centuries. The other week I learned that several banks that still exist today (like Barclays) were founded in London just after the Great Fire of 1666! Banking, trading and other financial organisations, with all the expertise they involve, are very deeply rooted in London, and have been for a long time (did you know that the name 'gilts' arose at that time because bonds had gilded edges?). It's one of the reasons why I doubt that banks will up sticks and remove to other places that are looking increasingly fragile (in a number of ways) by the week.

Ah yes, banks.
Relocation?
Laughable in the face of EU banking woes:

One of Europe’s most senior bankers has said the embattled sector is “not really investable”, in remarks that underline the difficulties the continent’s big banks could face if they have to raise new funds.

https://www.theguardian.com/business/2016/sep/28/deutsche-bank-john-cryan-denies-asking-german-government-help

The Deutsche Bank crisis could take Angela Merkel down – and the Euro

http://www.telegraph.co.uk/business/2016/09/26/the-deutsche-bank-crisis-could-take-angela-merkel-down--and-the/

Italy in CRISIS: Monte dei Paschi bank shares SUSPENDED after huge plunge

http://www.express.co.uk/finance/city/724920/Italy-s-Monte-dei-Paschi-bank-shares-SUSPENDED-after-huge-plunge

The Implications Of The Italian Banking Crisis Could Be Disastrous

http://www.forbes.com/sites/johnmauldin/2016/09/21/the-implications-of-the-italian-banking-crisis-could-be-disastrous/#45373f954eea

Intoodeep

Public HATE Bankers now BREXIT and all of a sudden all worrying they are going to bu$$er off ???............LOVE EM' now do they ???

Thrugelmir

Intoodeep wrote: »

Public HATE Bankers now BREXIT and all of a sudden all worrying they are going to bu$$er off ???............LOVE EM' now do they ???

Of course not. It's all convenient spin.

Yamumuk

Going well yeah ?