City of London News

London Expects Only Half of Bankers to Return to Their Offices by Year-End

London’s normally buzzing financial districts will still be a pale shadow by the end of the year, as banks plan for no more than half their staff, who have mostly worked from home throughout the COVID-19 pandemic, to come to …

London Workers Seek Assurance Transport System Is Safe Before Returning to Offices

Workers in the City of London need to have greater confidence that traveling on the capital’s public transport system is safe before they will return to their offices amid “mixed messages” from officials, financial industry representatives said. More than 80% …

Growing Exodus of Workers from City of London Cripples Small Businesses

At lunch hour, James Leahy’s Burrito Joe stall in the City of London’s financial district is usually buzzing as people line up from around the corner for their fajitas, tacos, quesadillas and rice-and-meat bowls. Now, those same finance sector employees …

City of London Tackles Its Daytime Drink Problem – One Institution at a Time: Opinion

For most of the traders, bankers, lawyers and accountants who populate the City of London, the era of excessive daytime boozing is long gone. Pubs and pints have been replaced by coffee shops and lattes. Dealmaking hasn’t suffered for it. …

AXA Real Estate Unit Confident About Its London Skyscraper, Despite Brexit Uncertainty

It was a tricky time for the commercial real estate business in London. Within days, Britons would be voting on whether to remain in the European Union or leave. The French insurance giant AXA SA was trying to figure out …

UK Insurers, Banks Push Ahead with Relocating HQs – Despite Brexit Transition Deal

London-based banks and other financial firms won’t put their Brexit moves on hold despite a transition deal between Britain and the European Union as it lacks full legal certainty, industry officials said on Monday. Banks and insurers have said they …

EU Eyes Offering `Improved Equivalence’ for UK Financial Services After Brexit

The European Union will consider offering the U.K. “improved equivalence” for financial services after Brexit, according to the bloc’s latest negotiating guidelines, a system Britain has rejected as “wholly inadequate.” The addition to the draft guidelines, obtained by Bloomberg, makes …

UK Supports Post-Brexit Mutual Recognition System for London’s Financial Services

Britain’s government is ready to push for the kind of Brexit plan for financial services that the City of London has long favored, but which has already run into opposition in Brussels, two government officials said on Friday. London is …

London Will Be Weakened as Financial Center After Brexit, Warns Bundesbank Exec

The U.K.’s exit from the European Union will be a watershed moment for the City of London and weaken its role as one of the world’s leading financial centers, Bundesbank Executive Board member Joachim Wuermeling said on Thursday. Speaking in …

UK Financial Services Industry Pays Record Taxes, ‘Underlining Need’ for Brexit Deal

Britain’s financial services industry paid a record 72.1 billion pounds ($96.2 billion) in tax during the past fiscal year, PwC said in a report that piles pressure on the government to secure favorable trading terms for banks after Brexit. Tax …