New York will benefit at London’s expense after Brexit, says Diamond
Bob Diamond, the architect of Barclays Plc’s investment bank for more than a decade in London, says Brexit will hurt the British capital more than people expect, with lawyers likely to join bankers in moving away. "People are beginning to understand Brexit is going to be far more profound and long-lasting than they thought," Diamond said in a phone interview from New York on Thursday. "I’d be very surprised if support services and legal services don’t move." Diamond, who now chairs African bank investor Atlas Mara, said he expects New York will benefit at London’s expense. Britain’s decision to leave the EU has global banks establishing new bases within the trading bloc to ensure continued access to clients in the region. Some observers have said that given fragmentation between European trading centres, certain activities are more likely to gravitate to the bigger bulk of the US financial capital. Diamond’s comments contrast with a more upbeat take on Brexit from one of his success...
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