Barclays Plc Chief Executive Officer Jes Staley said London’s financial sector is inventive enough to find a way around Brexit and remain integral to the European Union’s economy, provided politicians don’t erect walls to shut out the UK.
“So long as those barriers are not put up, there will be workarounds around Brexit so that London will remain a very important source of capital for continental Europe,” Staley said in a Bloomberg Television interview on Wednesday. “There will be uncertainty, but having been in the financial industry as long as I have, it’s amazing how creative it can be.”
Staley, 60, has consistently been among the most optimistic of bank executives on the impact Brexit will have on financial firms’ ability to service EU clients. While he said Brexit talks could lead to decisions that restrict the flow of capital, he’s encouraged by increased cooperation since the financial crisis between major nations on avoiding such barriers. [...]
“We have a bank subsidiary in Ireland that is part of the EU, we have 1,200 staff in continental Europe from Milan to Paris to Frankfurt to Madrid,” Staley said in the interview. “Continuing to engage is important for us. The EU is going to require us to set up structures that make it more robust and more within the fold of Europe, and that’s OK.” [...]
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