In the The Financial Times article UBS chairman Axel Weber assesed that
the division of Europe is a massive benefit to the City of London because if Europe were united the impact ... of Brexit would be much more... It’s all about competition between financial centres within Europe, Frankfurt against Paris. It shouldn’t be a zero-sum game.
Have there been any signs that a political compromise could be struck to create only one financial centre in the EU?
The article is paywalled, but basically the idea (I came across also in other FT pieces) is that at the moment more European cities (Frankfurt, Amsterdam, Paris, Luxemburg, Dublin) are vying to replace The City of London to service the EU single market (and become a major global finance hub) and this competition is effectivelly preventing any serious attempt to shift the bulk of financial services from London to the continent.