European cities line up to compete for post-Brexit business
Brexit was sold to the U.K. voter as a means for Britons to take back control. But for London's financial services sector, the outcome could be just the opposite: to lose control of its key functions to different European capitals instead.
Banks might move to Frankfurt or Paris, for instance, asset managers to Dublin, fintech to Paris or Berlin and private equity funds to Luxembourg.
"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.
Read 'European cities line up to compete for post-Brexit business'.