May hails ‘huge value’ of banks in talks to keep them in London

THERESA May has acknowledged the “huge value” of the financial services industry to the UK following talks with bank bosses in Davos as the City braced for jobs being shifted from London after Brexit.

The Prime Minister said her talks with bankers and business chiefs at the World Economic Forum had been “positive” and insisted her vision of a “global Britain” would keep posts in the UK.

Bosses of JP Morgan, HSBC and UBS have all confirmed Britain’s decision to scrap single market access will have major implications for their UK operations.

Speaking at the Swiss ski resort, where political and business leaders from around the globe have gathered, Mrs May said: “I’ve had positive meetings with bank CEOs here, and also with CEOs from tech companies and others, and the message I’ve brought here to Davos is that Britain outside the European Union, we want to build a truly global Britain.”

She added: “I value financial services in the City of London and I want to ensure that we can keep financial services in the City.”

The Prime Minister told Bloomberg Television: “Financial services are of huge value to the British economy, and of course the services that fit around the banks and asset management companies and insurance companies as well are important to us too.

“But as we look ahead to the Britain of the future, to the global Britain, to Britain outside the European Union, I want to ensure we have that good partnership with the EU, that we have negotiated a free trade agreement, which I believe will work for the UK but also for the European Union, that will ensure stability and jobs and prosperity in the UK.”

Her comments came following confirmation from bank chiefs that some parts of their businesses would be moved from the City in response to Brexit and Mrs May’s decision to rule out single market membership.

Jamie Dimon, chief executive of US bank JP Morgan, told Bloomberg: “It looks like there will be more job movement than we hoped for.”

The lender employs 16,000 people in the UK, with London hosting its European headquarters, and has previously said around 4,000 jobs could go if Britain loses the right to sell financial services to the EU.

He said that number could rise or fall “depending on negotiations”.