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  • The Brexit vote and Donald Trump's election have inured financiers to shock

  • Still, it was eyebrow raising when Lloyd's of London insurance market announced it was setting up shop in Brussels

  • The Belgian capital currently host just a hundred and eighteen insurers compared with nearly 500 in the UK.

  • It's impossible to predict just how many jobs will move to other EU financial centers

  • and which of those cities will be the biggest winners.

  • The cities' banking business is the real prize.

  • And banks may choose to move operations to locations where they already have a presence.

  • Frankfurt could be the front runner.

  • FT research shows that of the top ten banks, eight already have bases there.

  • And Frankfurt reckons it could attract 10 thousand jobs over 5 years.

  • Banks' more radical contingency plans assume that they will no longer be able to conduct pan-EU business from London at all

  • and the EU single market passport.

  • Think tank Open Europe reckons 27 billion pounds or 20 percent of city banking activity

  • depends on passporting EU businesses into London.

  • Overall, according to a 2016 study, up to 75 thousand of the cities there are 4 thousand workers could be moved to the continent.

  • Many believe the real winners from Brexit will be the financial centers of New York and Asia.

The Brexit vote and Donald Trump's election have inured financiers to shock

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Financial centres after Brexit: a bonanza for Europe?

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    Colleen Jao posted on 2017/07/04
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