French Finance Minister: Paris to Get Thousands of Jobs Due to Brexit

During a visit to London on Tuesday, the French Finance Minister, Bruno Le Maire said that several thousands of jobs would likely be relocated to Paris as a result of the decision of the United Kingdom to leave the European Union.

Last month, lobbyists and executives informed reporters that Frankfurt and Paris were set to see a trickle instead of a wave of London bankers arrive in 2018, with the possibility of a softer Brexit discouraging them from immediately leaving Britain.

The government of France has been actively attempting to convince banks to relocate jobs to Paris and offering various incentives such as tax breaks and promises to open more English language schools for the children of bankers.

Without identifying the names of banks that could move jobs to the French capital, Le Maire told journalists: “The banking jobs that come back to France will be several thousand jobs, not hundreds.”

“The shift will come gradually and not over one day,” added Le Maire.

In January, a source that is close to the minister said that the government hoped that approximately 3,000 jobs would be relocated to Paris by 2019.

Le Maire said that banks might conclude that it would be easier to conduct expansions in Paris as the realisation sunk in that it would be much more difficult to offer services across the European Union from London after Brexit with the loss of the nation’s financial services passport rights.

Le Maire met with banking executives during his trip to London and was scheduled to meet Jamie Dimon, the Chief Executive of JPMorgan, on Tuesday evening