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Mini-Case 9

Financial firms have moved nearly £1 trillion and thousands of jobs from the UK to Europe due to Brexit. Over 440 financial services firms have relocated jobs to the EU, moving £900 billion in assets. More movement is expected in the coming years. Fintech firms may seek new types of spaces as the sector focuses more on consumer services through specialized software and algorithms available on computers and smartphones. The Canary Wharf Group responded to safety concerns from COVID-19 by implementing one-way systems, hand sanitizers, additional cleaning, social distancing measures, and limiting occupancy in public areas, while following UK government guidance.

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75 views2 pages

Mini-Case 9

Financial firms have moved nearly £1 trillion and thousands of jobs from the UK to Europe due to Brexit. Over 440 financial services firms have relocated jobs to the EU, moving £900 billion in assets. More movement is expected in the coming years. Fintech firms may seek new types of spaces as the sector focuses more on consumer services through specialized software and algorithms available on computers and smartphones. The Canary Wharf Group responded to safety concerns from COVID-19 by implementing one-way systems, hand sanitizers, additional cleaning, social distancing measures, and limiting occupancy in public areas, while following UK government guidance.

Uploaded by

LeLoveNe
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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2. Mini-case. Read the mini-case of Canary Wharf and answer the discussion questions comprehensively.

1. Would financial firms leave the U.K.? discuss your answer.

 Banks and insurers have moved almost £1tn ($1.4tn) out of Britain and shifted thousands of jobs
to Europe because of Brexit, according to a "sobering" new report on the impact of leaving the
EU on the sector of Britain's financial services. More than 440 financial services firms have
shifted jobs to the EU as a result of Brexit, according to a new report from think tank New
Financial, and the firms have moved £900bn to the EU. The think tank said more jobs and assets
are likely to leave Britain in the coming months and years. The think tank said its report was the
most comprehensive measure of the impact of Brexit on the City of London so far. The study,
published on Friday, identified more than 440 companies that "have moved or are moving part
of their business, staff, assets or legal entities from the UK to the EU." New Financial estimates
that around 7,400 staff have been moved out of London since the 2016 Brexit vote. That is in
line with EY's Brexit tracker, which last month estimated that 7,600 roles had been transferred.

2. Would fintech firms seeks new kind of space? Discuss your answer.

 Financial technology (better known as Fintech) is used to describe new tech that aims to
improve and automate the delivery and use of financial services. At its core, fintech is used to
help companies, business owners, and consumers better manage their financial operations,
processes, and lives through the use of specialized software and algorithms. which are used in
computers and, especially, smartphones. Fintech, the word, is a combination of "financial
technology."
When fintech emerged in the 21st century, the term was first applied to the technology used in
the back-end systems of established financial institutions. Since then, however, there has been a
shift to more consumer-oriented services and therefore a more consumer-oriented definition.
Fintech now includes various sectors and industries such as education, retail banking,
fundraising and nonprofits, and investment management, to name a few.

3. How should the canary wharf group respond?

 The health and safety of those who work, visit and live in Canary Wharf is of the utmost
importance to us.
We have taken measures in our shopping malls, buildings and spaces to ensure that visitors
remain safe while using these facilities and that the Estate remains open. These measures follow
guidance set by the UK government and Public Health England on social distancing and hygiene
management practices set by the UK government and Public Health England.
In our shopping malls we have implemented:
 One-way systems with directional signage
 Hand sanitizers at all entrances
 Additional cleaning of all touch points including escalator hand rails, door handles, lift push
buttons and bathrooms
 All handicap doors are converted from push button to automatic approach opening
 Sanitizing floor solution in our floor drier machines
 2 meter social distancing floor markings throughout
 Limiting the number of people in elevators
 All banks and leaflet holders have been removed
 Social distancing signage at bathroom sinks and urinals and additional bathroom aides
Some shops in the Estate are open for essential shopping, including grocery stores and
pharmacies, and some restaurants on a delivery/takeaway basis only. Other stores are required
to follow government advice on opening.

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