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

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

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

European capitals have scrambled to attract business from London following the Brexit referendum, particularly among banks, asset managers and other financial services companies.

Paris Europlace said the jobs came from relocated teams or country-favoring Brexit-related investment decisions. He cited JPMorgan and Japan’s Nomura among those who had changed teams, but also French banks BNP Paribas and Société Générale, which have large operations in Britain.

Overall, and including companies outside finance and in sectors such as health or car manufacturers, Paris Europlace estimated the Brexit boost for French jobs at 5,000.

Estimates of lost business for Britain vary. Consultants EY said in October that more than 7,500 finance jobs, along with £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 that tens of thousands of people would cross the Handle.

(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; clarifies that the figures apply to the Paris region and not to the Whole France)

Reporting by Sarah White; Editing by Alexander Smith

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