Deutsche Bank boss’ London assessment: It will stay a financial hub, but not as we know it
Deutsche Bank's boss has today given his backing to London as a financial hub, even though he thinks it might end up looking different to what we know now.
Many had feared London's future as a financial capital had been all but shattered by June's Brexit vote, and John Cryan himself said it was "not such a good day for Europe" on 24 June.
However, speaking today about the future of banking at a conference in Frankfurt, Cryan said he envisioned London as a key centre for banking over the next decade, even though the City may end up looking quite different as its relationship with the rest of the European Union morphs.
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Cryan noted the biggest impact of the UK's leave vote would be felt in the EU itself, with the Telegraph quoting him saying the EU should:
Re-engage with the people of Europe and consider what the institutions of the EU should be to serve the people of Europe in the 21st century. Maybe some reform is required to make it more relevant to today.
Other than Brexit, Cryan also talked of the need for more mergers in the banking sector across Europe, banks needing to embrace technology, and why governments must take a quality over quantity approach to regulation.
He also slammed the use of ultra low interest rates.
Although he brushed away rumours Deutsche would soon be merging with fellow German lender Commerzbank, Cryan also said: "We need more mergers, at a national level, but even also across national borders. Only then can we be profitable in the long run."