A worker arrives at his office in the Canary Wharf business district in London February 26, 2014. REUTERS/Eddie Keogh
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Britain may have left it too late to convince major banks that it can strike a deal to soften the impact of Brexit before they start shifting jobs from London.Finance Minister Philip Hammond said last week that Britain should push for a transitional deal to help businesses, while the government held its first high-level meeting with corporate leaders in months to discuss Brexit.But James Bardrick, the U.K. head of U.S. bank Citi, said the government has been too slow to get any early deals with Europe and banks will have to be ready by September 2018 . The U.K. has yet to ask for a transitional deal and any plans are likely to face opposition from euroskeptic British lawmakers who view it as delaying exiting the EU.James Palmer, a senior partner at law firm Herbert Smith Freehills, said many banks have accelerated plans to relocate parts of their businesses after the inconclusive results of last month's general election because it has increased the likelihood that Britain walks away without a deal.
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