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Brexit threatens London’s position as Europe’s financial capital. The question is,
which city, if any, will take its place?
Dozens of banks, insurers and trading houses have been setting up shop or
beefing up operations in other parts of the European Union to make sure they
can still do business there if the U.K. leaves the bloc on March 29, as currently
slated. Many are hiring new workers in the EU as well as shifting employees from
London. The millions of dollars they have spent preparing could be wasted if the
campaign for a second referendum is successful and leads to the original vote
being overturned.
Companies
shifting
The Americans 1
5
10
London has long been the European home of
JPMorgan Chase & Co. , the largest
investment bank by fee revenue in the
region, and will remain so after Brexit. But in
preparation, it is spreading its bets, adding
around 400 workers to Frankfurt, Paris,
Dublin and elsewhere for day one of Brexit.
Asset Managers
The U.K. is by far the biggest investment
center in Europe, home to firms managing
almost £8 trillion ($10.1 trillion), much of it
for investors overseas. Brexit has been more
of a nuisance than a cause for major
upheaval, says Paul Stratford, a partner
specializing in funds at EY LLP.
Market Infrastructure
Amsterdam is the undisputed victor when it
comes to attracting trading platforms away
from London, with firms pointing to
impressive infrastructure, good relations
with the Dutch regulator and the city’s long
financial history. It was home to the world’s
first stock exchange in the 17th century.
CME
London
Stock
Exchange
MarketAxess
Tradeweb
Paris (1)
TP ICAP
Insurers
London has been a global hub for insurance
since the late 17th century, when England’s
supremacy on the seas made maritime
insurance a necessity. Lloyd’s , the city’s
major insurance market, traces its origins to
that period, but it will open a subsidiary in
Brussels to ensure it can continue selling
policies into Europe.
Liberty
RSA
Sompo
Japan
Nipponkoa
Insurance
Note: Many of these companies are expanding on the continent through new hires as well as staff relocations
from London.
Methodology: The Wall Street Journal asked more than 150 financial-service companies about their
responses to Brexit between July and December.