Barclays chair: EU cannot replace London’s capital markets

By Jasper Cox
05 Mar 2019

John McFarlane, chair of Barclays, said on Monday that he hoped the EU would not turn its back on London in the Brexit negotiations. However, he expected financial activity to move out of London to Europe, and thought that — on a global scale — faster-growing economies in Asia and the US, and big technology firms, could reshape the financial industry.

McFarlane was speaking on Tuesday at the Japan Securities Summit, organised by the International Capital Market Association (ICMA). Until the end of May, the Barclays chief is also chair of TheCityUK, a lobby group for London’s finance industry.

The sector could not expect automatic government support, he said. “Financial ...

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