The doomsday prediction that thousands of City workers would move out of London because of Brexit has yet to translate into actions that are anything like as devastating to the Square Mile. Those warnings could still come true, but because aspects of financial regulation and passporting rights are still up in the air, banking bosses are hopeful they can keep many more staff in London than first thought.
Meanwhile, 2018 is the year that at least one financial services group will consolidate its position on home turf. Phoenix Group, the closed life funds integrator, is putting in place a UK-registered holding company as it scraps its Cayman Islands registration and Jersey domicile. It helps that Phoenix is focused exclusively on the UK and so has little concern over cross-border trade flows. The change will have a minor impact on City jobs numbers – although Phoenix hopes it will increase its...
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