London’s Other Financial Center Needs to Keep Banks Close

Way up in One Canada Square, in the Canary Wharf financial district, a map of post-Brexit London is flashing.

The electronic model on the 30th floor traces the route of a new rail line that George Iacobescu, captain of Canary Wharf Group Plc, hopes will prevent an exodus of bankers from his vast development east of the City of London.

Few places in greater London encapsulate the challenges posed by Britain’s vote to exit the European Union quite like Canary Wharf, home to JPMorgan Chase & Co., Citigroup Inc. and HSBC Holdings Plc. Iacobescu has spent the past 30 years transforming the development into a modern rival to the medieval Square Mile, about 2.5 miles west.

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.