Europe continues to benefit from Brexit. The movement to relocate jobs in the financial sector continues and Paris is one of the big winners. Last test to date, Morgan Stanley bank has decided to strengthen its position in France and has announced its intention to reach 500 employees in Paris in 2025, that is, 200 more jobs than today.
Before, many other US banks have considerably strengthened their staff in France. JP Morgan, with 900 employees, now has three times as many employees there as it did before Brexit. Bank of America has seven times as many with 650 employees today. They are ahead of Citibank (400 employees) and Goldman Sachs (350).
Paris has recovered a third of relocated jobs
And American banks are not the only ones interested in France. Access Bank, a Nigerian bank with a presence in London for 15 years, has just received the green light from the French regulatory authority to open a branch in Paris.
As a result, Paris is the European capital that has attracted the most employees since Brexit. According to the latest figures from the firm EY, Paris has recovered about 2,800 jobs of the 8,000 relocated to the financial sector, compared to 1,800 in Frankfurt and 1,200 in Dublin.
Obviously, the movement is not over and the repeated strikes and demonstrations in recent months have obviously not deterred the major foreign banks.
Source: BFM TV
