Free to read: How did London grow into a financial powerhouse? The latest instalment of our City of London series charts the growth of the UK capital and what the future holds after Brexit on.ft.com/37kjrxx
As far back as the 1980s, banks operating out of the UK had cross-border exposures far greater than banks in Germany and France ig.ft.com/mapping-london… 
But more recently, Brexit has prompted banks to shift assets to their new trading hubs in Frankfurt and Paris ig.ft.com/mapping-london…
A historic strength of London has been its role as a hub for trading currencies. The city’s good fortune of geography and high-quality tech infrastructure allows traders to catch the end of the Asian day and the opening on Wall Street ig.ft.com/mapping-london…
However, New York long ago eclipsed London as the dominant centre for taking companies public. This year, companies listing on Nasdaq and the NYSE raised an enormous $150bn, dwarfing the $6bn or so raised in London ig.ft.com/mapping-london…
Additionally, the Covid-19 pandemic prompted a sharp drop in virtually all types of activity in London, as office workers, shoppers and tourists stayed at home. Nine months on, the recovery has been muted ig.ft.com/mapping-london…
Work could be done remotely full time, or moved to cheaper locations. This realisation could cost London’s financial services industry even more jobs than Brexit ig.ft.com/mapping-london…
Even when the pandemic subsides, the City’s woes won’t be over ig.ft.com/mapping-london…
https://twitter.com/FinancialTimes/status/1338785876114087941?s=20
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