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 Stories from SNAP.PA

The dinosaur skeleton is being shifted from the museum by the largest animal to have ever lived on Earth.

Read more

New research finds that men are more partial to a posed self-portrait than women.

Read more

Promoted content

Valentine's Day Afternoon Tea

London Hilton on Park Lane is inviting couples to celebrate this Valentines Day over a deliciously romantic afternoon tea at Podium Restaurant and Bar. Taking inspiration from the highly popular Confessions of a Chocoholic Afternoon Tea, London Hilton on Park Lane presents the ultimate romantic afternoon out with its Valentine’s Day Afternoon Tea.

Established in 1987, Tucci is one of the North's premier stores for branded clothing, footwear and accessories.

Save up to 70% on designer brands for Men and Women, including G-Star, Diesel, French Connection, Firetrap and many more….our sale is now on.

Valentine's Day in London

If you’re struggling over what to buy for the special person in your life in your life, our Valentine’s Day in London section is here to help.

New research finds that men are more partial to a posed self-portrait than women.

Did you feel the Earth move?

The drug is already on offer to patients in 21 other countries, including France and Germany.

Little chihuahua Digby has become best friends with a Neapolitan mastiff.

TOP Stories

Yesterday, 19:29
Forecasters are predicting snow and sleet showers (Photo by Oli Scarff/Getty Images)

Weather forecasters are predicting snow and sleet showers from tonight and into next week across London, with some heavy enough to stick.

Yesterday, 12:54
Waist-deep in water, a lifeguard pulls the terrified dog from the Model Boating Pond on Hampstead Heath. Picture: Ron Vester

A 15-year-old blind dog was pulled to safety after falling into the icy waters of Hampstead Heath ponds.

Yesterday, 07:00
Crossrail tunnel... now completed

It has taken two years of tunnelling under London, but here’s the end result—Crossrail’s new ‘super tube’ deep under ground, ready to rock’n’roll by 2018.

London Bloggers

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.

Thursday, November 27, 2014
The main room at the Museum of Comedy (Pic: Steve Ullathorne)

This week I visited the Museum of Comedy located at the corner of Museum Street and Bloomsbury Way in the crypt under St George’s Church.

Thursday, November 27, 2014
Bird Lovegod

I genuinely and honestly have only a slight problem when it comes to buying domain names.