Well done that man, vry well done

The Bank of France’s governor has said that Britain’s withdrawal from the European Union has driven almost 2,500 jobs and “at least €170bn in assets” to France.

That’s, erm, half a percent off the top of those who work in the Square Mile?

The City’s dominance really is tumbling.

11 thoughts on “Well done that man, vry well done”

  1. Bloke in North Dorset

    Which jobs? The C team who are told to sit there and not touch unless they’ve been given specific orders and then to carry them out like automatons?

  2. Some of the jobs will be fund manager jobs – Paris is actually a decent size centre for asset management. Some will be banking jobs (actual corporate lending) – French banks bringing jobs home. Some ancillary services. I am told a decent number of back office jobs for funds relocated to Dublin, Luxembourg and some back office jobs for settlement will have moved to Frankfurt. A few high frequency trading ops moved to Holland. Some hedge funds may have moved to Switzerland. None of this really threatens London’s status as the primary financial centre for the European time zone – the sheer concentration of expertise and assets makes moving painful. Over time you can expect London to gain competitively. Interestingly the most likely beneficiary from Brexit in terms of high value added investment banking jobs is actually NYC, which is a bigger financial centre than London and thus exerts a pull on senior London jobs.

  3. Some mates of mine on a WhatsApp group had a rather tedious row this morning about Brexit. The leading Remoaner was a banker, who works in the City, for a non-EU bank, doing non-EU business, yet still thinks the prosperity of the financial services sector is dependent on the EU.

  4. We are told London is a equal in numbers to a substantial French city because so many French find UK better than France for business. Many will be entrepreneurs rather than bankers but if the above is true it seems likely just bank bureaucracy settling down.

  5. @ken NYC>London
    Yes, but only just. London has all sorts of extras – like metals (precious and otherwise as our host knows well), the Baltic Exchange and other stuff.

  6. I bet those on 7-figure salaries just can’t wait to relocate to Paris, while keeping their fingers crossed that the President doesn’t need to improve his popularity by bringing back the 75% top rate.

  7. @Diogenes You can bloody well keep that twat to yourself.
    Us Continentals have enough problems with unwanted idiots from Africa. You keep your home-grown retards to yourself please. You raised ’em, you deal with ’em.

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