Barclays jobs axe no threat to London dominance, Mayor says

10:44 12 February 2013

Boris Johnson opened trading at the London Stock Exchange today. Picture: Stefan Rousseau/PA Wire

Boris Johnson opened trading at the London Stock Exchange today. Picture: Stefan Rousseau/PA Wire

PA Wire/Press Association Images

Boris Johnson insisted London’s financial sector remains “immensely strong” despite Barclays Bank’s announcement today of 3,700 job losses.

The London Mayor was joined by Xavier Rolet, chief executive of London Stock Exchange Group, as he opened today’s trading, which involves lowering a glass block into place to see trading screens burst into life.

Mr Johnson encouraged more science and technology companies to list in the capital.

Barclays chief executive Antony Jenkins revealed plans to £1.7 billion worth of cost-cutting plans.

The scandal-hit banking giant has seen pre-tax profits drop to £246 million in 2012 from £5.9 billion the previous year, with nearly £2.5 billion of cash set aside to cover misselling compensation claims.

Speaking at the London Stock Exchange today, Mr Johnson said: “Obviously times have been tough for lots of banks for a long time, but it remains the case that the financial sector in London remains immensely strong.

“London is still far and away the dominant financial capital of Europe.

“There are going to be shake-outs of individual banks as there have been. That does not mean that those banks won’t go from strength to strength and London’s lead won’t be lengthened as a financial centre.”

Mr Johnson spoke to about 30 representatives of London-based science and technology companies and said he hoped to raise the capital’s profile as a global technology and life sciences hub.

He added: “What we’re doing today is (looking at) ways of encouraging investors to pile into the equity of some of these start-up firms, pile into their shares, build those businesses and do it here in London.”

Sign up for our news alerts today!

Our editors' picks for the day's top news delivered to your inbox or phone.

Sign up for email alerts Sign up for mobile alerts
1
2 3 4 5 6
7

Latest business news

Monday, February 16, 2015
(Photo by Carl Court/Getty Images)

Now you can get in on the craft beer revolution in London after the country’s first ‘community brewery’ opens its doors today.

Thursday, February 12, 2015
Whilst on a trade trip to the US Boris Johnson revealed American investors are putting more money into London-based technology companies than ever before (Photo by Craig Barritt/Getty Images for London & Partners)

Technology firms in London attracted almost $800million of American investment last year - more than doubling the previous record.

Wednesday, February 11, 2015
Bonativo connects Londoners with local food producers

A new online platform allows Londoners to connect with farmers and foodmakers and get hold of hundreds of locally-made products without even having to travel to a market.

Wednesday, February 11, 2015
You can now order a black cab with your wristwatch (Picture: Getty)

You can now order up a black cab by just talking into your wrist after a new smartwatch app was launched as taxi firms fight for business in London.

Saturday, February 7, 2015
Quikkly Founders: Ken Johnstone and Fergal Walker

Shoreditch is fast becoming the UK’s first ‘scannable’ neighbourhood thanks to a company that puts a twist on QR tags - the odd-looking bar codes that people are supposed to scan with their phones. .

Wednesday, February 4, 2015
Uncover helps Londoners get into some of the cities hottest restaurants at short notice

Skip the long waiting lists at London’s most in-demand restaurants with a new app which can get you a table the very same day.

Latest Stories from SNAP.PA

David Cameron will lay out his plans for helping to better protect children from sexual exploitation.

Read more

The 007 actor will take part in a “special one-off sketch” to be broadcast on Red Nose Day.

Read more

The TV presenter is aiming to keep his toes tapping for 24 hours.

Read more

Promoted content

A look at one of our previous Design Fairs

Chelsea Old Town Hall will be the venue for the renowned Desire Fair from 6-8 March 2015. This stunning mixed media jewellery and silversmithing event where visitors can purchase direct from contemporary designer makers selected from the best in the UK is an event not to be missed.

Take our quiz and find out!

A survey conducted last year revealed that Britain is the fourth sexiest country in the world, with the UK sex toy industry worth an estimated £250 million a year.

David Cameron will lay out his plans for helping to better protect children from sexual exploitation.

And it’s not the first time this has happened.

Sunderland have suspended Johnson pending the police investigation’s outcome.

London Bloggers

Tuesday, February 3, 2015
[Photograph by John Phillips/PA Wire]

Often referred to as a melting pot, London is a city renowned for its rich blend of cultures.

Monday, December 22, 2014
Around 25 per cent of the population self-identity as having no religion yet still enjoy the fun of Christmas (Photo by Oli Scarff/Getty Images)

It’s Christmas time. We know this by the light-adorned streets, the mobility hazard posed by boxes of Quality Street, Roses and Celebrations in every supermarket’s entrance and, of course, the incessant radio-plays of Mariah Carey’s All I Want for Christmas Is You.