U.K.'s Hammond Seeks to Allay U.S. Banks' Brexit Fears

The transcript discusses the concerns of U.S. banks like Goldman Sachs, Morgan Stanley, and Citi regarding Brexit. Simon Kennedy from Bloomberg explains how Phillip Hammond plans to reassure these banks by emphasizing the importance of London to the banking system. The banks are uncertain about the government's priorities, especially with the presence of a Brexit secretary and other pro-Brexit officials. The discussion also highlights the potential impact on the single market and immigration, which are crucial for the banking sector's operations and reliance on foreign talent.

What message is Phillip Hammond expected to convey to the banks regarding Brexit?

How do the banks perceive the importance of the banking industry to the British economy?

What challenges does Phillip Hammond face in his role concerning the banks?

What implications does the uncertainty of the single market have for banks?

What concerns do banks have regarding the government's focus on immigration?