Howard Davies, chairman of NatWest bank, said London would remain the bigd offshore financial center of Europe, although some European companies focused on the domestic market would drift towards continental financial centers due to Brexit.
" It has not been catastrophic, not catastrophic, but it will be reshaped, and London must see itself as the intermediary for Europe in relation to the rest of the world, rather than trying to be an "everything for everyone " financial center for the whole of Europe "said Davies.
The toughest problem for Britain is pressure from some EU states to limit the ability of fund managers in London to manage funds listed in the bloc, Davies said.
London asset managers select stocks and bonds for £ 2.4 trillion European funds, helping to consolidate capital britannic as a global center for asset management.
"This is the area on which the government should focus the most and 'Ensure the threat does not materialize ... I don ' t have much evidence that they do, "Davies said.
Stephen Cohen, head of EMEA at asset manager BlackRock, said Britain made a mistake by not making the financial sector a priority in exit negotiations with the EU , and the late recognition of the importance of the sector has been "a bit late ".
Staff at the financial district in London, where is based at NatWest headquarters, are returning to the office after working from home during the pandemic, helping to revive the city streets.
But Davies is 'expect a' hybrid 'mix of working from home andoffice becomes the norm. "This is obviously not great for the sandwich shops around us " he added. Reporting by Huw Jones, edited by Andy Bruce and Gareth Jones
Our standards: The principles of trust by Thomson Hfrance.fr.