Summary

Immediately following the result of the Brexit referendum, the most common initial reaction of the financial services community in the UK was a combination of shock at the result, and hope for a minimally disruptive outcome for the industry. The optimistic part of this reaction was founded upon the (asserted) irrationality of a hard exit, from the economic perspective of the financial services industry.

In this Executive Insights, L.E.K. London Partner Peter Ward discusses why, nearly one year after Brexit , UK based international financial services firms are planning for the worst but still hoping for the best.  Brexit has wounded the City of London, but negotiations have a long way to run and the smart money will keep its options as open as possible.