Reuters - Video

Edition: US | UK | IN | CN | JP

video Finance Videos

UK's Hammond reassures Wall Street

Thursday, October 06, 2016 - 01:16

UK finance minister Philip Hammond is talking to bankers from Citi, BNY Mellon, Morgan Stanley, and Goldman Sachs to reassure them that London is still the world's leading global finance hub despite its Brexit vote. Bobbi Rebell reports.

▲ Hide Transcript

View Transcript

UK finance minister Philip Hammond is touring Wall Street trying to reassure big banks that London is still game for big finance. (SOUNDBITE) PHILIP HAMMOND, CHANCELLOR OF THE EXCHEQUER OF THE UNITED KINGDOM, (ENGLISH) SAYING: "The financial services sector is is a very, very important part of the UK economy. It's the largest single-value contributing sector, and we will place a very hard priority on getting the right solution with our European Union partners for the financial services sector." Hammond is meeting bankers from Citi, BNY Mellon, Morgan Stanley, and Goldman Sachs, who together employ more than 25,000 people in Britain. Jane Barrat runs investment advisor website GoldBean. (SOUNDBITE) JANE BARRATT, FOUNDER & CEO, GOLDBEAN, (ENGLISH) SAYING: "So, it's great that the minister met with Wall Street. I think, it's a wonderful first step, but they've got a really long way to go. Their compliance issues are around Brexit for the banks are gonna be enormous. And, I think, it will be great to see the banks get ahead of some of those issues to really take a role in designing what it's gonna look like. But for the finance minster to come and meet with Wall Street, it's a great first step." Last month Hammond warned other European Union countries they would be making a "huge mistake" if they tried do undermine London's dominance as a global financial center.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

UK's Hammond reassures Wall Street

Thursday, October 06, 2016 - 01:16