Paris welcomes the arrival of finance jobs from London | David Sapsted



More than 3,000 jobs in the financial sector have moved from London to Paris following the UK’s vote to leave the European Union, according to a report from a lobby group in the French capital.

With the Brexit transition period ending on December 31, no equivalency agreement has been reached between the EU and the UK, which would allow UK financial services to continue to operate freely across the bloc.The failure to reach such a deal led to Miles Celic, CEO of the financial services advocacy group TheCityUK, to accuse Brussels of “regrettable politicization” of the equivalence assessment process.TheCityUK expects Brexit to result in a 40 percent loss of the 20 percent of UK funding going to EU customers and Mr Celic told the UK’s trade, energy and industrial strategy select committee this week. House of Commons that Brussels had unnecessarily damaged the service sectors.“We have seen a regrettable politicization of what should be technical decisions on the European side,” he said, according to a City AM report.

“The equivalency process has unfortunately become politicized and companies are going to look at that, consider that there is uncertainty, see that there is a cost and, especially with some foreign companies, they can decide what to do with it. The moment that the United States or Asia are a better bet, certainly in the short or medium term.EY estimates that more than 7,500 jobs and £ 1.2 trillion in assets have already been transferred to the EU since the Brexit referendum, with Frankfurt, Dublin and Paris among the main winners.According to a French pressure group Paris Europlace, 3,517 of these jobs have now relocated to the Paris region in the rush between European capitals to attract banks, insurance companies and other companies in the sector who need to establish post-Brexit hubs in the EU.


Paris Europlace JP Morgan and Japanese Nomura among those who had moved a large number of asset managers and other employees to Paris, as well as French banks BNP Paribas and Societe Generale, which have large operations in Britain. Bank of America and Goldman Sachs have also chosen Paris for their European trading platforms.Overall, the group said sectors such as healthcare and auto makers, along with finance, have increased the number of jobs in Paris by around 5,000.Arnaud de Bresson, Managing Director of Paris Europlace, said he believed 10,000 jobs would be created in finance alone in Paris as a result of Brexit. “We believe we will have an acceleration of transfers from London” once Britain officially leaves the single market at the end of the year, he added.

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