London ¨C In the buildup to ?2016¡¯s Brexit referendum, JPMorgan CEO Jamie Dimon said the U.S. bank could shift 4,000 jobs from Britain, joining a chorus of executives who warned a vote to leave the European Union would ravage the country¡¯s finance industry. A decade later, the Wall Street giant plans to build a tower in London¡¯s Canary Wharf that it says could house up to 12,000 employees ¡ª a commitment hailed as ¡°a multibillion pound vote of confidence¡± by finance minister Rachel Reeves.
Other signs too suggest the British financial industry has weathered Brexit better than many expected: Employment in the City of London financial district is near an all-time high and banks are posting record profits.
But interviews with executives and data reviewed by Reuters paint a more nuanced picture, of Britain ?as a financial center whose dominance has been eroded while the country itself has become less attractive for some investors.
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