Photo: BloombergThe ultimate winner if Brexit forces banks to flee London may lie 3,500 miles away, far beyond the borders of Europe. “There is only one city in the world that can, and that is New York.”For many global investment banks, London is their largest or second-biggest headquarters. “The big winner from Brexit is going to be New York and the U.S.,” said Morgan Stanley CEO James Gorman said at a conference in Washington this month. The UK is home to 87% of US investment banks’ EU staff and 78% of the region’s capital-markets activity, according to research firm New Financial. There are limits to a wholesale transplant of London’s finance industry.

Source: Mint October 17, 2016 06:45 UTC