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20,000 finance workers could settle in Paris

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Chloé Le Cornic

According to Theresa May, negotiations between Europe and the UK concerning the Brexit should start at the end of March. The announcement did not fall in deaf ears. Indeed, financial players are already anticipating the impact of the Brexit and of future agreements. As a result, 20,000 jobs related to the financial sector could be relocated in Paris. The upheaval could begin in the coming weeks.  

20000-finance-workers-could-settle-in-Paris.jpgParis: a popular destination for British finance players

According to the experts, the Brexit and the agreements surrounding it should not come into force until the next two years. That is to say in 2019. It should be noted that the new treaties and agreements could take about ten years to be introduced. In any event, British financial companies are taking the lead and organizing their move to Europe now. Among the cities that attract them, the French capital is at the top of the list. And it's not for nothing. Indeed, Paris is known for its financial potential. The French capital, alone, employs 180,000 financial experts. It also has the largest bond market of the region. But that's not all. Indeed, Paris is the owner of the second largest pool of asset managers. Enough to attract English companies.

This is how the French territory could soon accommodate nearly 20,000 jobs, coming straight from the United Kingdom. England's misfortune could make the happiness of numerous french firms.

Financial players: their warning

The Prime Minister, Theresa May, announced that the Brexit negotiations should be launched by the end of March. While many companies of the financial sector are already planning their move to the other side of the Channel, others have not hesitated to warn her. Indeed, the concerned companies have explicitly claimed to rely on her to defend their interests as good as possible in front of European mastodons. If the minister's actions do not meet the demands of the world's banking chiefs, job relocations could be far more numerous. According to Arnaud de Bresson, CEO of Europlace, financial institutions are currently activating their reflection process and are hurrying to find the best solutions before the Brexit's arrival.

Banks: new projects planned

To protect themselves, many banks and other financial institutions wish to establish subsidiaries throughout Europe before the Brexit begins. While it is true that the Prime Minister has pledged to do everything possible to protect the interests of British banks, she has not yet detailed her program or the proposals she intends to make the time come.  While many of the financial consequences of the Brexit remain unclear, institutions such as HSBC, Citigroup and TheCityUK had already announced what would be coming before the referendum result, if british voters decided to leave Europe. Was already announced the relocation of a thousand London employees in Paris (HSBC), the potential removal of 70,000 jobs (TheCityUK) and the relocation of a portion of the interest rates and shares in Frankfurt in Germany (Citigroup).

Time will tell. In any event, it is with a cheerfull "bienvenu" that English firms will undoubtedly be welcomed on the land of the great Napoleon. 

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