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Top Wall Street boss says Brexit has not 'diminished' City as naysayers proved wrong

NewsTop Wall Street boss says Brexit has not 'diminished' City as naysayers proved wrong

Brexit has not damaged the City of London despite claims it would trigger an exodus of jobs, a top Wall Street boss has said.

David Livingstone, Citigroup’s chief executive for Europe, Middle East and Africa, said the City has “not been diminished” by the UK’s departure from the EU.

He said Britain’s appeal to international banks is due to its strong rule of law, common language, geographical location, education levels and quality of life.

Mr Livingstone added that “none of that has been diminished by Brexit”.

He told The Telegraph: “For me, it’s an absolute certainty that the UK will remain with those characteristics and therefore remain the place that we have our headquarters.”

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The senior Wall Street boss added that efforts by Brussels to create a rival financial hub to the Square Mile have so far failed to bear fruit.

He said there were major hurdles for international banks operating within the bloc.

Mr Livingstone said: “The EU post-Brexit has got a lot to build in terms of the depth of its capital markets.

“It’s got a banking union and a capital markets union, both of which are not progressing as fast in terms of delivering an outcome as a place where corporate clients and institutional clients can raise capital and do it in a seamless way within the union.”

It comes after Project Fear claims in the 2016 referendum campaign that there would be a post-Brexit mass exodus of jobs from the City.

But Brexit naysayers have been proved wrong over the claims in the years since the vote to Leave.

A survey by consultancy EY found that the UK had attracted 76 financial services projects in 2022 – up 13 from 2021.

The research also found London is the leading European city for attracting foreign investment in financial services, with the City securing 46 projects last year.

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