Barclays chairman confident London's euro-clearing hub is safe

McFarlane: ‘The right thing for the European Union and for the UK is to retain a significant proportion.’ — Bloomberg

LONDON: Barclays Plc Chairman John McFarlane said he’s confident much of the trading, clearing and fund-management activity involving the euro will remain centred in London, countering dire predictions of a mass exodus of bankers from Britain after Brexit.

“The right thing for the European Union and for the UK is to retain a significant proportion” of euro-related business in London, McFarlane said in an interview with Anna Edwards on Bloomberg Television. Cross-border, mostly electronically executed activities like euro clearing are less likely to be forced to move than other bank businesses, he said.