FIRST AIRED: July 4, 2016

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

We've got more news

Get our editor’s daily email summary of what’s going on in the world.

US Edition
Intl. Edition
Replay Program

Business

British bankers get Brexit blues

Opening sequence

Opening sequence

Business

British bankers get Brexit blues

0:00
16:54
More Info

COMING UP:British bankers get Brexit blues

×

Transcript

00:00:00
>> For British bankers the shock of Brexit has passed. Now the anxiety is setting in. City insiders say the sector is suffering from an information vacuum. Bankers don't know if they will lose their job or be forced to relocate. Reuters UK banking correspondent Lawrence White says London's rivals are circling.
00:00:19
>> So most major European financial hubs are making overtures to British banks. Dublin, Frankfurt, Paris, probably seen as the three leaders at the moment and there's been already some signs that the French will try to claim some of the financial market roles that the UK plays. President Hollande came out and said that he would like to see euro clearing move from London to Paris.
00:00:45
>> The big banks so far ruling out immediate job cuts, HSBC and Barclay's saying they are committed to the UK. Morgan Stanley swiftly denying talk that it was moving a thousand staff to Dublin. But there is still an expectation that job losses will come if Brexit hits growth.
00:01:02
Now the city of London's future could hang on one thing.>> The banks really just want to have some strong leadership and the key policy that they're looking for is to be able to maintain the passporting that lets them sell their financial services across the European Union.>> Passporting depends on the UK retaining access to the single market, but EU leaders say that won't happen if London tries to restrict immigration from the EU, a key promise of the Brexit campaign.
00:01:30
That could leave the next British prime minister with a tough choice to make, save the banking industry, or break a pledge to voters.