Barclays CEO Says Clarity on Transition Key in Brexit Deal
- ‘A two-year cliff is not helpful for anybody,’ he says
- Moving a financial center like London is ‘very difficult’
Barclays CEO: Brexit Won't Create Economic Shock
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Barclays Plc Chief Executive Officer Jes Staley said banks will need clarity about the transition period for the U.K.’s exit from the European Union, as Prime Minister Theresa May prepares to describe her vision to leaders of the global finance industry Thursday.
“A two-year cliff is not helpful for anybody,” Staley said in an interview with Bloomberg’s Francine Lacqua and Erik Schatzker at the World Economic Forum in Davos. “You can’t function with financial contracts that go beyond two years if there is that cliff,” he said, so “talking about transitions and phase-ins will be important.”