Wednesday, May 10, 2017
British Bankers Association: More than 25% of Financial Firms On Record Moving Jobs By BREXIT, France's New President Seeks 20,000 of them
The BBA Brief yesterday reported that
More than a quarter of financial services firms are planning to move some of their staff or operations out of the UK after Brexit, according to EY (Financial Times, £, p2), with 21 of the 47 investment banks it surveyed setting out some detail on their contingency plans in recent weeks. Omar Ali, EY’s UK Financial Services Leader said, “the more complex the organisation, the longer it is going to take to create workable contingency options, and so investment banks in particular are putting their plans on record”.
Reuters (online) also reports that French authorities are expected to step up efforts to attract banking business from the UK. Arnaud de Bresson, Chief Executive of Paris Europlace estimated that Paris could attract 20,000 workers from Britain, noting that “Macron will personally make it his mission to convince the international banks as well as investors of the benefits of Paris”.