Many of the transactions Citigroup oversees here are dependent on Britain’s inclusion in the European Union. Italian banks tap London’s vast pools of money to strengthen tattered balance sheets. “The British are making a serious mistake over the long term.” If a rupture across the channel results, global banks like Citi stand to feel significant consequences. Somewhere between one-fifth and one-third of London’s financial undertakings involve clients based in Europe. “If the client driving the order is sitting in the European Union, then we’ve got a problem.” Brexit has jeopardized London’s status as banker to the planet.

Source: Economic Times May 12, 2017 19:30 UTC