BREXIT TAKES TOLL ON LONDON’S BANKING INDUSTRY: As UK and European Union appear headed for a ‘no deal’ Brexit, Britain’s most valuable industry, banking and financial services are wooed by suitors from across the Channel. The trend shows most investment bankers and traders headed to Frankfurt and Paris, while asset managers favoured Luxembourg, and back-office operations have gone to Dublin and Warsaw. In what has set off as a land grab between the EU and the UK for lucrative financial services and jobs, Frankfurt is seen emerging a clear winner. The Bundesbank estimates that non-German banks could move 675 billion euros ($817 billion) to Europe's largest economy. That’s indeed an irreparable loss London will be forced live with in the post-Brexit era. [COMMENT BY: Babu Das Augustine, Business Editor]
AP