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The world's biggest banks are appealing to the U.S. and other foreign governments to help them make the case for safeguarding London's status as an international financial hub in the Brexit negotiations. Fearful their industry will be hurt when the United Kingdom leaves the European Union, executives are reaching out to governments abroad to ask them to lobby EU policymakers on the importance of London maintaining unfettered access to the bloc, Barclays PLC Chairman John McFarlane said in an interview Thursday. U.S. financial industry lobby groups wrote to the nation's Treasury Secretary Jacob J. Lew this week, urging the department to work with policymakers in the U.K. and EU to help avoid disruption in global markets.Diluting London's financial power would be a particularly acute problem for Wall Street banks given the significant revenue they generate from EU clients. Eighty-seven percent of U.S. investment banks' EU staff are located in the U.K., which is also home to 78 percent of the region's capital markets activity, according to think tank New Financial.
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