Bankers downplay Brexit impact on London’s hub status

Leading bankers have sought to downplay the immediate impact of Brexit on London’s position as the hub of the financial services industry in Europe.

James Bardrick, the head of Citi UK and CEO of Citigroup Global Markets, told lawmakers Tuesday on the Treasury Select Committee that London will remain the group’s regional headquarters and the base for many of the group’s global product groups, such as foreign exchange.

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While Europe is an important element of the group’s business, he said “it’s not everything.”

And Mark Garvin, vice chairman of JPMorgan’s corporate and investment bank divisions, said the banking sector has “been involved in far more significant tumult than this (Brexit).”

Garvin also said that the number of staff immediately affected by Britain’s exit is modest — “in the hundreds.”

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