News analysis
Despite Brexit, London hasn’t lost its lustre as Europe’s financial hub
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Whatever Brexit did to the City of London, it did not dethrone it as a global financial centre.
PHOTO: REUTERS
- London remains Europe's leading financial centre despite Brexit and predictions of its decline.
- Banks moved some operations to EU cities, but core activities and talent stayed in London.
- EU cities gained market slices but lack London's deep financial ecosystem. Still, London faces serious competition from New York, Singapore and other financial centres in Asia.
AI generated
LONDON – When the people of Britain voted to leave the European Union 10 years ago, most economic experts predicted the demise of the City of London as the continent’s top financial centre.
And eager to protect their European business, all major banks and financial institutions headquartered in London started planning to move their operations to another key EU country.
