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UK Says Post-Brexit Financial Services Exodus Not Likely

Law360, London (October 10, 2018, 4:55 PM BST) -- The U.K. Treasury minister for financial services said Wednesday that the City of London will remain a key financial center after Brexit and dismissed stories that there would be a mass exodus of staff and operations to other European Union jurisdictions once Britain exits.

City Minister John Glen told lawmakers he agreed with Bank of England estimations that around 5,000 financial services jobs would leave the U.K. by the Brexit day next March. But he said the extent of contingency planning being done by London’s banks and financial firms was modest and the situation was stable.

“We have not seen wholesale...

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