LONDON/PARIS (Reuters) – While most London-based bankers are brushing up on their German to prepare for a move to Frankfurt post-Brexit, senior staff at French investment banks expect to say “Oui” to government pressure to bring jobs home to Paris.
Most international banks in London have declared where they will move their European business in the event of a “hard” Brexit, in which the UK would give up access to the single market, including financial passporting rights.
Frankfurt is by far the favourite. European giant Deutsche Bank, for example, said in April up to 4,000 UK jobs could move to Germany.
Although French banks have been wavering about their plans, the bankers who work for them in London believe pressure from the government of Emmanuel Macron, himself a former investment banker, makes a Paris move almost certain.