Despite a lot of noise, we haven’t seen much of an exodus as yet. But if it does, plenty of people think it might be the foreign exchange market that heads the queues at Heathrow and City airports.
FX is increasingly automated: it doesn’t involve the same level of client meetings as, say, debt capital markets. In effect, it doesn’t really matter where the sales and trading teams sit, as long as your key time zones are well covered.
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