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Financial centers: After Brexit: The creeping erosion of the London financial center

Canary Wharf financial district in London

Bankers expect a gradual shift of jobs from London to the EU.

(Foto: Bloomberg)

Frankfurt, London London’s bankers are in a festive mood, a lucrative bonus season is ahead. According to the financial service Bloomberg, the bonus pool at the British bank Barclays should be at least 25 percent higher than last year. At the US banks JP Morgan and Goldman Sachs it should be 40 to 50 percent more for the dealmakers.

At Deutsche Bank, too, the bankers who worked on the initiation of takeovers and securities placements can look forward to a plus of 20 percent.

At first glance, everything seems to be fine in the city. The first year after Brexit was marked by record IPOs, a flood of mergers and acquisitions (M&A) and extremely buoyant equity trading.

“It’s been a very busy and busy year,” said Catherine McGuinness, chief lobbyist for the City of London Corporation. “The financial sector coped well with Brexit.”

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Reference-www.handelsblatt.com

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