Investment Banks Agree to Help London after Brexit Vote

Several large investment banks including Goldman Sachs and JPMorgan have said they will work to help London remain a top centre for international finance, according to a joint statement issued today with British finance minister George Osborne.

The statement said: "Britain's decision to leave the EU clearly presents economic challenges which we are determined to work together to meet.

Today we met and agreed that we would work together to build on all this with a common aim to help London retain its position as the leading international financial center."

Senior executives from Standard Chartered, Bank of America Merrill Lynch and Morgan Stanley, as well as from Goldman Sachs and JPMorgan, met Osborne to sign the statement.

The news is an affirmation of support by five leading investment banks as well as being a boost to the government, especially as only earlier today, JPMorgan's Chief Executive Jamie Dimon warned about London's future direction as a financial centre.

Dimon spoke about the possiblity of shifting thousands of jobs away from the capital if the country’s breakaway from the European Union adversely impacted on the banks and the UK loses its right to sell financial services to the EU under its banking passport system following Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term.

Dimon earlier commented: “Brexit has put a lot of uncertainty in the markets and in the economy. The markets will calm down a little bit." Today's statement should allay fears to some extent.