Brexit : 1,000 jobs could be repatriated to Paris by the French banks

[Article published at 12.25 p.m and updated at 13: 20 pm]

In the absence of the foreign banks, this will be the French banks, which brought back jobs from London to Paris. The day after the official announcement of the choice of Frankfurt by Citigroup, after Morgan Stanley, the French banking Federation (FBF), chaired by the director general of Credit Agricole SA, has just announced good news for the place de Paris.

“The major French banking groups […] have confirmed to the minister [of Economy, Bruno Le Maire,] that they will choose of course Paris in this framework [the Brexit, editor’s note]. There are nearly a thousand jobs that could be involved, including the effect of training is at least three indirect jobs to direct employment, ” says the FBF in a press release.

A potential of 3,000 indirect jobs in addition.

However, the banking lobby declares that ” the sizing of the teams who will be moving to Paris will also depend on regulatory decisions on the conditions for the exercise of financial activities in the european Union, the regulation of market activities and the localization of market infrastructures (including clearing houses, editor’s note], which are major issues. “And this organization is a member of the Medef adds it to the attention of the minister of the Economy :

“France must also reassuring in terms of predictability and stability in tax policy. The trajectory that will be included in the budget legislation of the new school year will therefore be essential, on corporate tax as on the whole of compulsory levies. “

As far as HSBC ?

This statement comes following a meeting this Friday at Bercy between Bruno, The Mayor and the executive committee of the FBF – in addition to Philippe Brassac, Jean-Laurent Bonnafé BNP Paribas, Frédéric Oudéa of Société Générale, François Pérol BPCE, Nicolas Théry du Crédit Mutuel, Rémy Weber of the Postal Bank, which were represented – as well as the director general of the banking lobby, Marie-Anne Barbat Layani. What are the Soc Gen, BNP Paribas and Credit Agricole, which are primarily concerned by these potential relocations as a result of their important activities in the markets.

At this stage, only the HSBC bank has officially chosen Paris as a base of retreat and plans to transfer about 1,000 jobs in France, where it has a banking license for the full fiscal year through its subsidiary, CCF, acquired in 2000. Or even a little less in case of soft Brexit. But so as far as all French banks, who are going to have to repatriate a portion of their traders from the City to the capital.

The director-general of Société Générale, Frédéric Oudéa, said ten days ago, at the forum Paris Europlace, that he intended to transfer 300 to 400 people from the division of bank financing and investment (SG Corporate & Investment Banking), on the 2,000 currently in London.

The FBF argued that the large French banking groups are “the heart” of the financial place of Paris, including the Prime minister, Edouard Philippe has recently defended the attractiveness in front of investors, unveiling a series of measures.

“Their banking activities of financing and investment (BFI) are already massively implanted in Paris and in the Ile-de-France, with around 41,000 employees, as well as their subsidiaries in asset management, which employs more than 16,000 employees,” argues the banking lobby.

Leave a Reply