London's Big Bang Could Go Bust

March 16, 2017

Brexit was sold to voters as a means for Britons to take back control. But for London's finance sector, the outcome could be just the opposite.

"No one city has the capacity [to take over all London's financial services]," said Roger Matthews, of Dechert LLP, part of the legal firm's London team advising clients on the likely consequences of Brexit.

"But if you are one of these cities—or countries—you're going to say: 'We can't and don't want to compete for the whole City [of London]. We wouldn't get it anyway. Let's accept that and decide instead what sort of entities we do want and which firms we want within them. And let's make ourselves attractive to a few key targets."

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