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What will happen when the banks leave Britain?

More than a tenth of the city's business is set to go. Could things get worse?

By Nicolas Véron   December 2017

Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I’ll be spending a lot more time there. #Brexit.” Thus tweeted Lloyd Blankfein, Chief Executive of Goldman Sachs, on 19th October. It was the first time a major American financial services firm had signalled a shift of its European operations away from London in this way: not as a decision conditional on future developments, but as an established fact of business life. It was the first, but presumably not the last.

It is too late to hope that…

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