Paris (AFP)
With Brexit, finance will have to adapt to the loss of the European passport for the British.
Some companies have transferred part of their staff to the continent, especially to Paris, Frankfurt and Dublin, even if the movement remains contained.
No exodus from London
The exodus predicted at the time of Brexit has not yet taken place.
Financial job transfers from London to the European Union concern less than 10,000 people.
More precisely, 7,500 according to the firm Ernst and Young.
A very small number compared to the 450,000 jobs in the City, London's financial sector.
According to the Financial Times, which surveyed 24 international banks, most of them have even increased their staff across the Channel in the past five years.
And the job cuts observed in some establishments can be explained much more by restructuring than by moves to the European Union.
In this respect, London will remain the leading European financial center.
Paris in competition with Frankfurt
However, even if the number of jobs actually transferred remains marginal, Paris and Frankfurt, armed with their lobbying organizations, are engaged in a merciless battle to attract financiers.
"Four years after the referendum on Brexit, Frankfurt is the big winner," trumpeted at the beginning of the summer Frankfurt Main Finance (FMF), the association in charge of promoting the German financial center.
"The place of Paris is, today, the most attractive in Europe and has taken the lead in terms of hosting post-Brexit relocations, with 3,500 direct jobs already being established in the sector. financial ", advance for their part Choose Paris Region, the agency responsible for promoting the region, and Paris Europlace, the body for promoting the Parisian economic center.
Among the 116 projects recorded for France, the majority come from asset management (28%) and banks (25%).
However, the latter provide more than half of jobs (59%), against only 10% for asset management.
Several examples attest to the dynamism of the Parisian market: JP Morgan will bring 100 additional jobs to Paris at the beginning of January, in addition to the 100 already announced previously, the American giants Bank of America and Goldman Sachs have chosen Paris for their European trading platforms. , and American insurer Chubb moved its European headquarters from London to Paris.
Frankfurt is not left out, however, with 3,500 jobs created or in the process of being established.
Above all, the German financial center has attracted the European headquarters of numerous banks, and in particular the American Goldman Sachs, JPMorgan, Morgan Stanley and Citigroup.
Dublin for support services
The Irish capital should also benefit from Brexit.
According to several studies, it is the top destination for companies wishing to keep a place within the European Union.
The geographical scope and the number of companies questioned differing greatly according to the studies, it is difficult to draw definitive conclusions on the first beneficiaries of Brexit and caution remains in order.
For Paris Europlace, however, it is likely that Dublin will primarily attract so-called “back office” activities, that is to say support services, such as administration.
While Paris and Frankfurt should attract market activities, which generate more value.
Luxembourg in ambush
Luxembourg, despite its small size, does not intend to give up easily.
Highlighting its location and its "stability", the Grand Duchy has attracted many companies and in particular asset managers such as the British M&G Investments.
The country's low taxation is also an element of attractiveness even if Luxembourg For Finance, the promotion agency for the Luxembourg market, does not wish to focus its speech on this element.
"Taxation is an important element but not the determining element", declared mid-September Nicolas Mackel, head of the agency, quoted by the Financial Times.
According to the organization, Brexit should create 3,000 jobs in the country.
© 2020 AFP