London post-brexit as a financial center

[schweiz]

a look from Norway::
https://www.thelocal.no/20190211/th...ill-open-for-business-londonandpartners-tlccu

This is what is mentioned about the link you post: "This content was paid for by an advertiser and produced by The Local's Creative Studio"
In other words: a group who has a biased vision because of probable financial interests wrote the article.

I think Soros is a much better sourve to have a realistic view on the situation.
https://www.theguardian.com/comment...xit-crash-pound-living-standards-george-soros
"My 60 years of experience tells me the pound will plummet, along with your living standards. The only winners will be speculators.
It is reasonable to assume, given the expectations implied by the market pricing at present, that after a Brexit vote the pound would fall by at least 15% and possibly more than 20%, from its present level of $1.46 to below $1.15 (which would be between 25% and 30% below its pre-referendum trading range of $1.50 to $1.60). If sterling fell to this level, then ironically one pound would be worth about one euro – a method of “joining the euro” that nobody in Britain would want."
"...an income loss of £3,000 to £5,000 annually per household – once the British economy settles down to its new steady-state five years or so after Brexit."

Already since mid 2017 the GBP is constantly below that 1.15 level.

Since the top in the last 5 years the GBP lost more than 20%.
The UK and London are so interesting that UBS withdraws 32 Billion in 1 time. A significant proof of the health of the UK.

 

[apdxyk]

GBPUSD is 1.2922 at the moment. Stop quoting GBPEUR.

And who is Soros? And what is The Guardian? Known entities. Anyway, you go on record.

 

[schweiz]

GBPUSD is 1.2922 at the moment. Stop quoting GBPEUR.

Soros used GBP/EUR, so I had to use the same as that was the reference. I understand it is painful to see the GBP almost at 1 EUR. But after march 29 things will become really painful. Comparing UK and EUR needs GBP/EUR rates, as Brexit will influences these 2 currencies, not GBP/USD rates.
But GBP/USD also went down 25% since 2015:

If you don't know Soros you should not discuss Brexit matters as you clearly have not the basic understandings to say anything that makes sense. But British attitudes are always: we are the best and smartest, the rest of the world is stupid.
The only thing UK has a reputation in is getting drunk. No matter where they are, in planes, on holidays...

https://www.dailymail.co.uk/travel/...ested-drunk-plane-airport-past-two-years.html

 

[cesfx]

I'm surprised how weak Britain is becoming. And how dictatorial is EU. Britain should just invade the EU.

And lose... Like most contemporary invaders.
It would be an invasion supported by the few delusional imperialist who are living in the past.
EU dictatorial? They are just a bunch of overpaid bureaucrats ticking a checklist... a dictatorship wouldn't let Italy do what they are doing.
The UK always had it their way, now that they are embarassed and struggling at negotiating, they are moaning like spoilt children. Just get on with it. Never saw so much uncertainty, business are definitely suffering and no mention of the internal division unveiled which is here to stay.

 

[dealmaker]

"

https://twitter.com/x/status/1097493610679934976

"

 

[iccenuol]

"

https://twitter.com/x/status/1097493610679934976

"

https://uk.reuters.com/article/uk-b...of-billions-of-pounds-of-assets-idUKKBN1O51QE

No, surely not the RBS? That's a real kick in the nuts.

 

[dealmaker]

Brexit Donor Odey Renews Sterling ‘Short’ Position, Does Not See Hard Brexit (Reuters)
(Reuters) – British hedge fund manager and Brexit supporter Crispin Odey said on Monday he was again positioning for sterling to weaken, calling the currency “mortally damaged”. The trade reverses a move, reported by Reuters in early January, that Odey was positioning for the pound to strengthen as he expected Britain to stay in the European Union despite the outcome of the 2016 referendum. He had told Reuters at the time he expected sterling to rise to “$1.32 or $1.35”. It was trading then around $1.27 but rallied to a four-month high of $1.3218 on Jan. 25, before retreating to around $1.29 now.

 

[schweiz]

https://uk.reuters.com/article/uk-b...of-billions-of-pounds-of-assets-idUKKBN1O51QE

No, surely not the RBS? That's a real kick in the nuts.

I told before: all companies wait till end of march to announce/take action as they want first to know what will happen. Making expenses for nothing is useless.
But every now and then companies start to show what they will really do. The real exodus will only be visible end of march/beginning of april.
UBS and RBS never spoke in past about the billions they want to move out of the UK. Assuming at that time they would leave the situation as is was a wrong conclusion, that's clear now.

 

[d08]

https://www.businessinsider.com/brexit-damaged-city-of-london-2018-11?r=UK

Here's a roundup of the financial exodus so far:

• US bank giants Goldman Sachs, JPMorgan, Morgan Stanley, and Citigroup have moved 250 billion euros ($283 billion) of balance-sheet assets to Frankfurt because of Brexit.
• Bank of America is spending $400 million to move staff and operations in anticipation of Brexit, and is trying to persuade London staff to move to Paris.
• Barclays is seeking to transfer €250 billion ($280.8 billion) of business to Dublin and is set to become Ireland's biggest bank.
• France's BNP Paribas, Credit Agricole, and Societe Generale have opted to transfer 500 staff out of London to Paris.
• UBS has chosen German financial center Frankfurt for its new EU headquarters.
• Swiss peer Credit Suisse is moving 250 jobs to Germany, Madrid, and Luxembourg among other EU 27 countries as well as $200 million from its market division to Germany.
• Germany's Deutsche Bank is also considering shifting large volumes of assets to Frankfurt as part of its Brexit plan.
• HSBC, Europe's biggest bank, has shifted ownership of many of its European subsidiaries from its London-based entity to its French unit.
• Australia's largest bank by assets, Commonwealth Bank of Australia, has set in motion plans to base around 50 staff in Amsterdam, and has applied for a banking licence in the country.
• Other Australian lenders Macquarie, Westpac, and ANZ are also in talks to move operations to Dublin and continental Europe.
• Europe's biggest repo trading venue, called BrokerTec, is being moved to Amsterdam from London, meaning a $240 billion a day repo business is leaving the UK.
• More than 100 UK-based asset managers and funds have applied to the Irish central bank for authorization in Ireland.

Hey man, none of this matters because some foundation ranked UK to be a good place to do business. Rankings matter, not real businesses. Get with the program.

 

[schweiz]

Hey man, none of this matters because some foundation ranked UK to be a good place to do business. Rankings matter, not real businesses. Get with the program.

https://www.reuters.com/article/us-...lant-with-the-loss-of-3500-jobs-idUSKCN1Q71BI

Being within the EU or not is a very important "detail". If that changes, everything changes. Will change the ranking too.
That is the reason why UBS, RBS, and now Honda move.
Honda is more than 10 percent of Britain’s total output of 1.52 million cars. Subcontractors will lose thousands of jobs too.