May had failed to win a parliamentary majority on Britain's withdrawal from the European Union.Europe Politicsread more
Investors are rushing into the relative safe haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
China denounced U.S. Secretary of State Mike Pompeo for fabricating rumors after he said the chief executive of China's Huawei was lying about his company's ties to the...World Politicsread more
U.S. President Donald Trump on Thursday predicted a swift end to the ongoing trade war with China, although no high-level talks have been scheduled between the two countries.World Economyread more
President Donald Trump has threatened tariffs on another $300 billion worth of Chinese goods — but Chinese PC-maker Lenovo is prepared to shift its production if that happens,...Technologyread more
Indian Prime Minister Narendra Modi won a landslide re-election victory. That could see India taking a more assertive security stance.Asia Politicsread more
The Wall Street Journal and The New York Times, citing people familiar with the deal, reported that $30 million would go to plaintiffs and $14 million would be used to pay...Entertainmentread more
Danish shipping group A.P. Moller-Maersk on Friday posted first-quarter profit close to expectations and warned that trade tensions and slowing economic growth constitute...Earningsread more
Chinese technology giant Huawei has enough inventory to sustain its smartphone and 5G networking equipment business for most of the rest of the year, according to brokerage...Technologyread more
President Donald Trump on Thursday directed the U.S. intelligence community to "quickly and fully cooperate" with Attorney General William Barr's investigation into the...Politicsread more
Despite a decline in global commercial real estate markets, Asia-Pacific continues to enjoy a record-breaking growth — thanks to China, according to the Global Capital Flows...Real Estateread more
* Tepid support for concept but banks will not fund new Remain bid
* Little confidence in political support for sector
* Banks focus instead on meeting IT, market challenges
LONDON, May 7 (Reuters) - While Britain debates the merits of a second Brexit referendum, London's financial centre is steering clear of the argument, resigned to the need to shift some business elsewhere.
Burned by backing the ill-fated Remain campaign three years ago, major global and British banks told Reuters they would shy away from taking a similar position in a new vote, preferring to spend time and money on "future-proofing" their business, including tackling outdated technology and moving into new markets.
A Reuters survey of leadership attitudes at 17 British and global banks found just six of the 11 institutions who responded to the survey backed the idea of a People's Vote to break a parliamentary impasse on a proposed exit deal.
Four banks said they opposed another vote while one bank said it would remain agnostic on all Brexit scenarios and would let the political process - now stretching towards its third year - run its course.
None of the 11 respondents said they would be prepared to put cash behind a campaign for either a "Leave" or "Remain" outcome at this stage.
To prepare for Brexit, Banks have transferred billions of pounds in client assets to new European Union legal entities and shifted around 2,000 roles away from London to new hubs in cities including Dublin, Paris, Frankfurt and Madrid.
But now the hard graft is complete, the industry biggest players say they would not reverse those changes even if Brexit was scrapped.
Spreading top talent across several European cities has enhanced the banks' appeal to some EU clients and reduced costs linked to doing business in London, one of the world's most expensive cities.
"The horse has bolted," a source at one of the banks which responded to the survey said.
Britain's opposition Labour Party has said it will support a second vote but only if Prime Minister Theresa May refuses to change her withdrawal deal or if there is no new national election.
A second senior banking source said he believed the chances of a second referendum were on the rise but he doubted it would garner anything like the same backing in finance industry circles as the first Remain campaign.
"I think we are still bruised by the experience the first time around. We don't regret it, but we would have to ask ourselves why we would put ourselves through it again?"
JPMorgan, Morgan Stanley, Goldman Sachs and Citi donated between 250,000-500,000 pounds ($326,750-$653,500) each to the Britain Stronger In Europe campaign in 2016, data from the Electoral Commission showed.
Lloyds Banking Group, Britain's leading mortgage lender, also lent 20,000 pounds to the Remain campaign at a 1 percent interest rate.
Several key bankers including ex-Barclays chairman John McFarlane and Standard Chartered Chief Executive Bill Winters were among 1,280 business leaders who expressed support for the Remain campaign in a letter published a day before Britons went to the polls on June 23, 2016.
But the industry was accused of interfering in the political process and criticised for fuelling public fears about how Brexit might harm the economy.
The six banks which declined to take part in the survey cited company policy on political polls or differences of opinion in their leadership teams.
After losing the fight to secure passporting privileges, mutual recognition and enhanced equivalence regulatory regimes with the EU post Brexit, a third senior banker told Reuters it was safer to reorganise their banks without political help.
"We would not endorse a second referendum. Why would we? What would be the point?," he said.
"The financial sector planned for the worst possible scenario. I didn't think that politicians would deliver anything for us and I've not been disappointed."
Others said the government needed a better grasp of EU regulation and market structures that supported the industry's status as Britain's biggest taxpayer.
"Politicians should know their decisions have consequences and this kind of stress is the result," a senior executive at a fourth major bank said. "I want to go back to not having the vote at all." ($1 = 0.7651 pounds) (Additional reporting by Lawrence White. Editing by Jane Merriman)