Financial services ‘must focus on Asia and US post-Brexit’
THE UK’s financial services sector should set its sights on the US and Asia in the wake of Brexit, says Barclays chief executive.
Jes Staley, who has led the bank since late 2015, said the industry should broaden its appeal and not focus on the EU.
Although some finance jobs have moved across the Channel because of Brexit, he said the split was also an opportunity to look to its future.
He told the BBC: “What the UK needs and London needs is to make sure that the
City is one of the best places, whether it is regulation or law or language, or talent that manages these flows of capital well.
“I think what
London needs to be focused on is not Frankfurt, it needs to be focused on New York and Singapore.
Agenda
“Brexit gives the UK opportunity to define own agenda.”
The deal with the EU makes very little mention of the financial services sector. Negotiators are working on a memoranthe its dum of understanding the industry with aim of having it signed next month.
The EU has previously said it only wants to allow eurodenominated derivatives trading, which includes buying and selling currency and bonds, to take place within the bloc or somewhere else with equivalent rules.
But Bank of England Governor Andrew Bailey, speaking to the Treasury Select Committee last month, said: “The situation we find ourselves in is that the EU wants more information from the UK on what its future intentions are on regulation. I think that’s quite problematic frankly in terms of equiv alence.” about the off
FRENCH Connection has received two separate takeover approaches.
The struggling fashion firm revealed it is in talks with retail investor Spotlight Brands, with backing from restructuring and investment firm Gordon Brothers.
It has also received a potential proposal from textile and footwear brand investment platform Go Global Retail.
French Connection said: “Discussions with both Spotlight and Go Global remain at a very early stage.
“Accordingly, there can be no certainty that an offer will be made, nor as to the terms on which any offer might be made.”
French Connection was strong in the 1990s but has not been profitable in nearly a decade and has a market value of just £16million.
It gained some success and notoriety from its FCUK marketing.