, Columnist
Goldman in Paris Is Another Blow for London
The City won’t be able to count on Europe much longer for its hegemony in financial services.
We’ll always have Paris.
Photographer: STEFANO RELLANDINI/AFPThis article is for subscribers only.
As Britain draws close to its exit from the European Union, a diminished role for the City of London looks ever more likely. This may be a gradual change, and its potential scale may be debated, but parts of the financial infrastructure built up over decades are ready to hop across the Channel.
News that Goldman Sachs Group Inc. is setting up a stock-trading venue in Paris is another reminder. Whatever happens after January’s official Brexit separation date — and whether a U.K. trade deal with the EU is agreed or not — Europe will chip away at London’s dominance.