LONDON Oct 11 The UK head of U.S. bank Citi
said on Tuesday that the main question facing the finance
industry now is when to enact contigency planning after Britain
voted to leave the European Union.
"The big question now is timing," James Bardrick, UK Country
Officer for Citi, which has 9,000 UK employees, told delgates at
a conference in London.
"How do we and when do we start making decisions...knowing
the plan is ready to go...it could be in the first quarter of
British Prime Minister Theresa May has said she would
trigger the process to leave the EU by the end of March, the
first indication of when negotiations might start.
The future of London as Europe's financial centre will be a
major negotiating point in the talks, with banks keen to retain
the "passporting" rights which allow them to sell financial
services across the EU from London.
Last week, Bardrick said that jobs in London's financial
sector would move to countries inside the European Union after
Britain leaves the bloc, regardless of what deal is struck on
access to the EU financial services market.
(Reporting By Anjuli Davies, editing by Andrew Macaskill)