setting
T
he uncertainty over Brexit has led around 100 financial services companies to relocate from London to Paris, with some up
new asset has
and banks. Paris
headquarters manager, there insurance and others
setting up satellite offices initially. The movers include
companies ambitions to become the leading
financial centre in Europe after Brexit. While around 250,000 people work in the financial services sector in the UK, Paris has around 180,000 employees in the sector, according to Paris Europlace, the organisation that promotes the financial sector in Paris. This puts the French capital in pole position in Europe, ahead of rivals such as Frankfurt or Dublin.
RELOCATION AMBITIONS The European Banking Authority (EBA), which is a regulatory agency of the European Union, has been based in London since 2011 but has now relocated to Paris, with 250 employees moving as a result. The European Securities and Markets Authority (ESMA), an independent EU authority set up to provide investor protection, is already based in Paris, as is Finance Innovation, which fosters and supports the growing FinTech industries.
Goldman Sachs is already working on a Paris-based equity trading platform, while asset manager BlackRock has been building up its Paris operations for the past two years. Other companies are expected to follow suit amid concerns over how financial services companies will be able to operate if key parts of the Brexit agreement are not sorted out.
Estimates of the jobs created in Paris as a result
of Brexit range from 4,000 new direct jobs and 20,000 indirect jobs, according to Paris Europlace.
THE APPEAL OF PARIS AS A PLACE FOR WORK, CULTURE AND EDUCATION Benjamin Hunter, Head of School at Ermitage International School of France, which is based 15 km outside Paris, says the school has a number of families who work in the finance sector.
40 | Think Global People & Relocate Magazine |
relocateglobal.com |
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