News 14 june — 16:13

Bankers to ask Theresa May why they should stay after Brexit


The bosses of some of Europe’s biggest banks will ask Britain’s Prime Minister Theresa May on Thursday to give them a reason to stay in the City of London after Brexit now that hopes are fading for a generous EU trade deal, Euronews reports.

May will dine with bank and insurance chiefs who are members of the European Financial Services Round Table and discussions could shed light on what the government wants from Europe for financial services. This group includes banks and insurers from around Europe, such as Deutsche Bank <DBKGn.DE>, Societe Generale <SOGN.PA>, Barclays <BARC.L> and Aviva <AV.L>.

Barclays’ Chairman John McFarlane is hosting the dinner near the Houses of Parliament where executives will push May and finance minister Philip Hammond for details of their financial services plans.

“We are expecting her to make a statement about why we should stay here,” said one executive who will be attend. “We need clarity, they are not thinking enough about sector and we need to change that.”

Brexit poses the biggest challenge to the City of London’s finance industry since the 2007-2009 financial crisis as it could mean banks and insurers will lose access to the EU, the world’s biggest trading bloc.

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