Representative from Paris arrived in London on Monday, pitching their financial sector to many of the UK’s banks as they consider moving abroad in the wake of Brexit.
Speaking at a conference hosted in The Shard by France’s financial industry lobby Europlace, French representatives were keen to work on a ‘mutually beneficial’ relationship between the UK and French financial industries.
Whilst they were keen to make it clear that they were not trying to take business away from London, Gerard Mestrallet, chairman of Paris for Europlace and chair of electricity company Engie, made it clear that “Paris offers the best opportunities to financial companies that would consider moving some of their activities to the EU”.
The delegation from Paris comes on the same day as a new survey suggested that it would cost banks and other financial services companies an average of £50,000 per employee to relocate parts of their UK workforce to another European city in the wake or Brexit.
The research from Synechron Inc it would cost banks and other financial services companies an average of £50,000 per employee to relocate parts of their UK workforce to another European city in the wake or Brexit.
The research from Synechron served to highlight the importance of retaining passporting rights for the banking industry. Alex Howard-Keyes, investment banking partner at executive search firm Alderbrooke said:
“It seems likely that some personnel will move to European destinations in time. We are hearing from some large US and European banks they are seriously considering relocating small operations to different destinations in Europe. Frankfurt appears to be the preferred location, although Dublin is also in contention.”