Frankfurt and Paris no threat to London, says Barclays boss

One of the UK’s most prominent bankers has dismissed Frankfurt and Paris as threats to London after Brexit. 

Barclays boss Jes Staley said the UK’s departure from the European Union would most likely be ‘on the positive side’ for the City but warned that the focus must be on competing with major financial centres in New York and Singapore. 

The US banker’s comments come as the UK prepares to thrash out a financial deal with the EU over the coming months amid fears London could lose access to key markets on the Continent. 

Confident: Barclays boss Jes Staley said the UK’s departure from the European Union would most likely be ‘on the positive side’ for the City

But while the negotiations will be hard fought, many believe London will maintain dominance over its smaller European rivals in Germany and France. 

Staley told the BBC: ‘What London needs to be focused on is not Frankfurt or Paris – it needs to be focused on New York and Singapore. 

‘If we get it wrong, the main beneficiary is probably Asia.’

He added: ‘Yes, there are some jobs that are going to Europe, that otherwise would have been in the UK, but it’s in the hundreds.’ 

Staley said the City should instead try to become ‘a centre of innovation around financing climate issues’. He continued: ‘The regulatory environment that we’ve faced this past 10 years put this bank on a much safer footing. 

‘We learned to deal with this regulation and it makes the banks safer so I’m not going to point a finger at it.’