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Brexit could see finance exodus from London

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(14 Mar 2017) Britain's definitive exit from the European Union may be at least two years away, but the cities of Paris and Frankfurt are hopeful of attracting thousands of financial services jobs from London. When Britain leaves the EU, many firms will need to set up new offices within the bloc to retain trade advantages. Sales pitches are being proffered from France, Germany and other countries with their own financial centres inside the EU.Under a "hard" Brexit, Britain would leave the EU without retaining privileged access to the bloc's single market. That would mean financial houses based in London that currently manage EU assets and investments needing to transfer some operations, and potentially a sizable chunk of their work force, in order to retain those aspects of their business. Financial services proponents in France and Germany, the nations at the core of EU power, are gearing up their own capacities to shelter those planning to move operations from the City of London. At the La Defense financial centre in Paris, construction plans for seven more skyscrapers by 2021 are already at an advanced stage. Adverts have started to spring up in the City of London suggesting that Paris might be a better lifestyle choice for many bankers. "Tired of the fog? Try the frogs," reads one of the adverts. France has already claimed an early scalp with news that HSBC, Britain's biggest bank, plans to relocate around 1,000 jobs from London to Paris by 2019. Arnaud de Bresson, managing director of Paris Europlace, the group promoting France's financial centre, says he expects many more firms to follow HSBC's lead because Paris is "a city of big companies, both French and global, with a lot of activity on the markets". Meanwhile, the German city of Frankfurt, home of the European Central Bank, is planning its own expansion as it fields dozens of research visits monthly from US and British financial institutions.Officials for Goldman Sachs, Morgan Stanley and J.P. Morgan have been spotted scouting out potential office space in Frankfurt. Officials representing London's financial district, by many measures the world's biggest, surpassing Wall Street, stress that their world is so vast and powerful that it can shrug off any job defections. "London is a unique financial and regulatory professional services ecosystem. There is nothing like it anywhere else in Europe," said Miles Celic, chief executive of TheCityUK, a lobbying group that represents Britain's financial services industry. Celic expressed confidence that the vast majority of the 2.2 million British financial jobs, a third of which are in London, would adapt to whatever UK-EU relationship emerges post-Brexit. Independent experts say London might be grossly understating potential losses. A Brussels-based think tank, Bruegel, estimates that 35 percent of London's wholesale banking involves clients in other EU nations managing some 1.8 (t) trillion euros (1.9 (t) trillion US dollars) in euro-denominated assets - some 17 percent of the UK total under management - who might be obliged on regulatory grounds to exit Britain whenever an EU exit becomes reality. Travelling with them, Bruegel has calculated, could be 10 percent to 15 percent of British-based account managers and traders.You can license this story through AP Archive: http://www.aparchive.com/metadata/you... Find out more about AP Archive: http://www.aparchive.com/HowWeWork

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AP Archive 4085792 797c14c753a2c7d88f4b1d396d643b5b Europe Brexit Finance Frankfurt Germany Western Europe Paris France London England United Kingdom Brexit referendum Business Government and politics Brexit Big Mad brexit keep bottle put up employ hire commit manage may make out take care of be capable of be equal to be up to can do could cut the mustard have it made make it make the grade expel terminate dismiss boot sack bounce cashier discharge kick out give the heave ho let go engage hold allow welcome permit can Could detect examine identify look look at notice observe recognize regard spot view watch witness beam behold clock contemplate descry discern distinguish espy eye flash gape gawk gaze glare glimpse heed inspect mark mind note peek peep peer peg penetrate pierce remark scan scope scrutinize sight spy stare survey be apprised of catch a glimpse of catch sight of get a load of lay eyes on make out pay attention to take notice disbelieve disregard ignore miss neglect 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for loan shark lay on one pay for pick up the check pick up the tab prime the pump provide funds provide security put up money raise dough take call in hurt discourage reject refuse disapprove abet abide by advocate ally angel assist boost champion countenance encourage endorse favor finance give a boost give a leg up give a lift go to bat for sanction second side with stand behind stick by stick up for sustain uphold go forward advance halt oppose dissuade prevent protest thwart hinder currency bankrolled bread cabbage cash coin dollars dough funds mazuma scratch defray bear the cost chip in cover cost foot the bill pick up the bill settle defrayed Big Mad Finance finance' financé Frankfurt Big Mad frankfurt Germany Big Mad germany westerly westward facing west westbound westernly westernmost easterly eastern cowboy picture cowboy movie horse opera oater spaghetti western western western movie cowboy story western story Western Big Mad paris Big Mad Paris Frances Big Mad Britain 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