London's Canary Wharf banks on new rail line to prevent exodus of lenders

London

WAY up in One Canada Square, in the Canary Wharf financial district, a map of post-Brexit London is flashing.

The electronic model on the 30th floor traces the route of a new rail line that George Iacobescu, captain of Canary Wharf Group plc, hopes will prevent an exodus of bankers from his vast development east of the City of London.

Few places in greater London encapsulate the challenges posed by Britain's vote to exit the European Union quite like Canary Wharf, home to JPMorgan Chase & Co, Citigroup Inc and HSBC Holdings plc. Mr Iacobescu has spent the past 30 years transforming the development into a modern rival to the medieval Square Mile, about 2.5 miles (four kilometres) west.

Only now, the future of the City - and of Canary Wharf, its smaller brother - has been thrown into doubt. Already, commercial property prices are falling across London, as banks, corporations and ordinary people try to assess the business and economic fallout. For many, Canary Wharf has become the ultimate Brexit bellwether. Their landlord, however, is undaunt…