Barclays CEO says EU talent more important than passporting

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Barclays chief executive Jes Staley says immigration policy may be more important for the City than passporting as it tries to maintain its top global financial hub status after Brexit.

The bank currently employs 3,000 staff from the EU27.

Speaking to the Prosperity UK conference on Wednesday, Staley said the City’s long-term success would depend on continued access to a deep pool of talent in the UK, The Times reports.

“You could almost argue that more important than passporting for the financial services industry is the immigration policy.”

He added that banks would start triggering their Brexit contingency plans shortly as it can take 18 months to obtain a banking licence in Europe and move the relevant contracts.

Prime Minister Theresa May has previously said she plans to bring immigration down to “tens of thousands” a year compared to 273,000 currently.