Dr Peter Hahn, Henry Grunfeld Chair of Banking at The London Institute of Banking & Finance, was invited on to BBC London last night (24 October) to discuss the BBA’s warning that many banks are “quivering over the relocate button”.
Filmed on a chilly London Bridge, Dr Hahn was asked whether London had already lost its place as the world’s foremost financial centre.
“London will remain as the world’s great financial hub,” Dr Hahn said. “It is going to change and it will lose some business, but it will stay as a great place to do business. It is largely a tale of two cities; organisations like Natwest, Hargreaves Landsowne and Nationwide will not be moving."
"On the other side, foreign banks who come here to trade, particularly smaller ones, whose sole purpose is to trade with Europe, might find it easier to move to another destination.”
Dr Hahn was then asked whether the preparations for Brexit were making the situation worse.
“We are in a period of uncertainty,” he agreed, but there are other practicalities to consider, “it is extraordinarily expensive to move a bank and it takes a long time. It is unlikely we will see any significant movement for many years to come.”
Dr Hahn will be speaking at length on Wednesday 2nd November about the challenges and opportunities faced by the City, in his lecture: Banking affluent customers: adapting to climate change (not the weather!),
where he will expand upon his remarks.
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