24 Jun 2016

Leave London? Cut your nose to spite your face!

Talk about major financial institutions leaving the City of London in the wake of the Brexit Vote do not throw a good light on the leadership (if one can call it that) of these firms. Most of them are already well represented in the other major financial centres in Europe. Coverage of local clients is handled by these branches and there is no reason to shift major resources to places like Madrid, Milan or Amsterdam, not even to Frankfurt or Paris (why would it be more efficient to cover France from Frankfurt if the major European hub is installed there?).

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