Investment Banks Agree to Help London after Brexit Vote

Thursday, 07/07/2016 | 13:33 GMT by Finance Magnates Staff
  • Senior executives from several leading investment banks have met George Osborne to sign a statement pledging to help London.
Investment Banks Agree to Help London after Brexit Vote
Finance Magnates

Several large investment banks including Goldman Sachs and JPMorgan have said they will work to help London remain a top centre for international finance, according to a joint statement issued today with British finance minister George Osborne.

The statement said: "Britain's decision to leave the EU clearly presents economic challenges which we are determined to work together to meet.

Today we met and agreed that we would work together to build on all this with a common aim to help London retain its position as the leading international financial center."

Senior executives from Standard Chartered, Bank of America Merrill Lynch and Morgan Stanley, as well as from Goldman Sachs and JPMorgan, met Osborne to sign the statement.

The news is an affirmation of support by five leading investment banks as well as being a boost to the government, especially as only earlier today, JPMorgan's Chief Executive Jamie Dimon warned about London's future direction as a financial centre.

Dimon spoke about the possiblity of shifting thousands of jobs away from the capital if the country’s breakaway from the European Union adversely impacted on the banks and the UK loses its right to sell financial services to the EU under its banking passport system following Brexit .

Dimon earlier commented: “Brexit has put a lot of uncertainty in the markets and in the economy. The markets will calm down a little bit." Today's statement should allay fears to some extent.

Several large investment banks including Goldman Sachs and JPMorgan have said they will work to help London remain a top centre for international finance, according to a joint statement issued today with British finance minister George Osborne.

The statement said: "Britain's decision to leave the EU clearly presents economic challenges which we are determined to work together to meet.

Today we met and agreed that we would work together to build on all this with a common aim to help London retain its position as the leading international financial center."

Senior executives from Standard Chartered, Bank of America Merrill Lynch and Morgan Stanley, as well as from Goldman Sachs and JPMorgan, met Osborne to sign the statement.

The news is an affirmation of support by five leading investment banks as well as being a boost to the government, especially as only earlier today, JPMorgan's Chief Executive Jamie Dimon warned about London's future direction as a financial centre.

Dimon spoke about the possiblity of shifting thousands of jobs away from the capital if the country’s breakaway from the European Union adversely impacted on the banks and the UK loses its right to sell financial services to the EU under its banking passport system following Brexit .

Dimon earlier commented: “Brexit has put a lot of uncertainty in the markets and in the economy. The markets will calm down a little bit." Today's statement should allay fears to some extent.

About the Author: Finance Magnates Staff
Finance Magnates Staff
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About the Author: Finance Magnates Staff
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