Paris benefits from a Brexit bonus with 3,517 additional jobs in finance


FILE PHOTO: Union Jack and European Union flags are seen ahead of European Commission President Ursula von der Leyen and UK Prime Minister Boris Johnson’s meeting in Brussels, Belgium December 9, 2020 . Olivier Hoslet / Pool via REUTERS

PARIS (Reuters) – Brexit has resulted in the displacement of 3,517 jobs in the financial sector to the Paris region since Britain voted to leave the European Union in 2016, estimates French lobby group Paris Europlace.

European capitals are scrambling to attract London businesses in the wake of the Brexit referendum, especially among banks, asset managers and other financial services firms.

Paris Europlace said the jobs came from teams relocating or from investment decisions favoring the country and linked to Brexit. He cited JPMorgan and the Japanese Nomura among those who had changed teams, but also the French banks BNP Paribas and Société Générale, which have large operations in Great Britain.

Overall, and including non-finance companies and in sectors such as healthcare or car manufacturers, Paris Europlace estimated the Brexit boost for employment in France at 5,000.

Business loss estimates for Great Britain vary. Consultants EY said in October that more than 7,500 finance jobs, as well as £ 1 trillion in assets, had already left for the EU.

However, the number of jobs is still a fraction of those based in London, and far fewer have moved so far compared to initial estimates just after the Brexit vote, with some predicting tens of thousands to cross the Channel.

(This story corrects the number of jobs created in the title and paragraph 1 to 3,517 of 4,735, and in paragraph 4 to 5,000 of 9,516; specifies that the figures apply to the Paris region and not to the ‘whole of France)

Reporting by Sarah White; Editing by Alexander Smith


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