Brexit: BNP Paribas Plans to Transfer up to 300 Jobs to Paris

With Brexit, BNP Paribas plans to transfer 300 jobs to Paris

FINANCIAL: BNP Paribas is planning to transfer to the equivalent of 300 jobs from London to Paris because of the decision of the UK to leave the European Union, told Reuters a source familiar with the matter.

The French bank BNP Paribas could transfer the equivalent of 300 London jobs in Paris because of Brexit, according to a source familiar with the matter. She could still recruit in Paris the necessary employees for its activities transferred and deploy on other trades in London on existing employees in the British capital, one added. BNP Paribas declined to make comment.

The Brexit output of Great Britain in the European Union (EU) should result in the loss of the “European passport” which provides the major international banks based in its territory access to financial markets in the EU.

While the intentions of large American and British investment banks on the future of their settlements are the subject of intense speculation, less attention has been paid to European banks, which by definition already have a parent and a strong base in the EU. The transfer of jobs envisaged by BNP Paribas thus remains relatively limited compared to 4000 jobs cited by Deutsche Bank.

9,000 fewer jobs in two years?

According to information obtained by Reuters, 9000 jobs in the major investment banks should leave the City for the European Union in the next two years.

The French authorities and officials of the Paris have launched many initiatives to attract in Paris the jobs that leave London.

The election to the Presidency of the Republic of Emmanuel Macron, a former Rothschild banker, could enhance the attractiveness of the French capital for foreign investors, say some French leaders.

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