Brexit was meant to be a crippling blow to London’s position as the financial capital of Europe. With eight months to go before the U.K. is set to leave the European Union, the British capital’s role remains mostly undiminished, and no single other European city is close to claiming its crown.
One key measure: what was expected to be a flood of bankers out of London to continental Europe has turned out to be a trickle. And the ones that are leaving are divided widely among rival cities such as Frankfurt, Paris, Dublin, Milan and Amsterdam.
The result isn’t the immediate challenge to London that was anticipated. The amount of international lending channeled through U.K.-based banks increased between the June 2016 Brexit vote and the end of 2017, according to the Bank for International Settlements. British exports of financial services also continued to rise, according to Coriolis Technologies, which tracks this data.
“I would have thought that there would have been a worse outcome by now,” Goldman Sachs Group Inc. Chief Executive Lloyd Blankfein said earlier this year.