Brexit looks like a footnote compared to Trump win, says Barclays boss Jes Staley

 
Hayley Kirton
Follow Hayley
President Obama Meets With President-Elect Donald Trump In The Oval Office Of White House
Jes Staley also doubts Dodd-Frank is the first thing on the chopping block (Source: Getty)

The impact of June's Brexit vote is overshadowed by Donald Trump's recent triumph in the US race for the White House, the boss of Barclays said today.

Trump's surprise victory last week did little to rock the markets in the immediate aftermath, but the new president-elect is still yet to flesh out the details of his policies.

Talking to the Financial Times at its banking summit, Jes Staley, Barclays' chief executive, described Trump's narrative so far as "a major reversal of policy by the largest economy of the world", having earlier that day described Brexit as a "footnote" in comparison to the Trump win.

Read more: Have we really entered the era of post-truth politics?

Staley also stressed the UK was unlikely to lose its financial shine post-Brexit, adding of Barclays' plans: "I do think that London is a very important financial centre for Europe...We'll clearly look at what options we'll need to consider given the uncertainty of Brexit but it's way too early to make any decisions and our hope and our desire is to remain firmly entrenched in London."

Despite his views on Trump's policies, the American banker who took up the helm at Barclays roughly a year ago said he doubted the future President's first move would be to tear up the Dodd-Frank rules, noting that there were likely much bigger policies Trump had his eye on.

A recent update to Trump's website notes his transition team has plans to dismantle the Dodd-Frank Act.

Related articles