There is life after London and moreover after the exit of Britain from the European Union (Brexit) as they find satisfied international banks – and the new pole of attraction is Paris, primarily, but also Frankfurt and Amsterdam. For years and decades, though, London was the Old Continent’s main center of finance and credit, Bloomberg reports in an article because it combined European funds with American ideas for managing them. Today, two years after Brexit became a reality, the English Channel has clearly changed. Now his big cities share the booty European Union, creating a more fragmented landscape. In this area Bank operations various categories are held in the French capital, stock trading – in the Netherlands, and corporate lawyers and accountants discuss the details in Frankfurt. Dublin, Milan, Madrid and Warsaw play an important but secondary role. But if any city can claim to be the EU’s new preeminent hub, it’s none other than Paris.

This year, its charm may have been overshadowed by protests against the president’s plans. Macron increase age retirement, leading to nationwide strikes and images of garbage burning on the streets. However, the number of workers in the offices of the American banking giants points to a new reality that is not easy to change, as there has been a huge movement of money and brains.

One by one, the big banks are more than doubling their headcount in the French capital.

JPMorgan Chase & Co’s International Capital Markets division has about 550 employees, 22 times more than in 2019. The number of employees of Bank of America has reached 600 people, which is six times more than their counterparts before 2016 and a referendum on whether the UK will remain in the EU or not. Citigroup Inc. builds a new trading floor in its offices on the corner of the Champs Elysées. It should also be noted that Morgan Stanley is also adding employees to its workforce in Paris and is building a new research center to support trade. And Goldman Sachs Group Inc’s global markets team has more than doubled in size in the past two years and continues to grow. “Paris is now our biggest trading hub in the EU,” Mark Doodleau, one of Goldman’s co-heads in France, said in an interview. “In the past, if you weren’t in New York, London or Hong Kong, you might feel isolated. It’s not like that anymore.”

Of course, London is still much larger in terms of the number of employees, assets under management and trading, and the volume of activities. However, the exit of the United Kingdom from the EU changes the whole situation and creates shocks. The city has essentially lost its role as a default place for companies to tap into global pools of capital through the stock and bond markets.

And even amid protests on the boulevards of Paris, top French officials are hailing the city’s Brexit triumph, predicting that the trend of recent years will continue. “Unlike other cities that have attracted one or two types of financial services, Paris is the only city that has benefited from the relocation of all units of the financial sector,” said François Villeroux de Gallo, the governor of France’s central bank, speaking to bankers in New York. a few days ago. “Most importantly, these movements are not isolated events: the dynamics are constantly shifting from London to continental Europe.”

Data from the European Banking Authority released in January showed that the number of investment bankers and stockbrokers in France earning more than €1m has grown by nearly 80% since 2017. Bloomberg said in conclusion that they expect the number of workers to continue to grow through local hiring.