Britain’s retreat from investment banking is to accelerate as Royal Bank of Scotland plans to slash as many as 14,000 jobs and Barclays’ chief executive says he has limited patience with the business.
The moves underline how two of the UK’s once-mighty global investment banks are facing serious questions about their future, leaving the country increasingly reliant on foreign groups to provide access to capital markets.
“There will come a time when we need liquidity in this country and we won’t have a British broker-dealer so we will have to rely on JPMorgan and that is a problem,” said Chirantan Barua, banking analyst at Bernstein.
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