France's Top Banks Prepare to Move 500 Positions from London After Brexit

With the Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term deadline quickly approaching the three top banks in France are going full steam ahead with their plans to cut staffing in the United Kingdom.

The firms in question - BNP Paribas SA, Credit Agricole SA, and Societe Generale SA are together preparing to move around 500 positions from London. The majority of these will be moved to Paris.

Accord to a report from Bloomberg, Credit Agricole currently anticipates relocating as many as 100 positions from its London office. The firm plans to move them to Paris and other cities within Europe.

In a Bloomberg TV interview on Wednesday, Credit Agricole Chief Financial Officer Jerome Grivet said: “If some activities are better positioned tomorrow in Paris than in London, we can very easily move our teams or to hire new people in Paris. All in all, Brexit is going to require some work from us [but] it’s not a strategic issue.”

For BNP Paribas, a spokeswoman said earlier this week that if a so-called “hard Brexit” occurs, the bank will move 85-90 global-market employees out of London. Societe Generale repeated that it expects to move around 300 employs from Britain’s financial hub last week. The bank also said that it would assist the small number of its employees that will be impacted by the changes.

Since Article 50 was activated, financial institutions have been putting in place their post-Brexit plans. To take on the incoming employees, the three banks already have financial hubs in France, as well as operations throughout Europe.

Brexit Impact on the FX Job Market

Since the United Kingdom invoked Article 50 in March 2017, fears have been building as to whether Britain leaving the bloc would destroy London’s financial hub. Although some large firms are moving employees away from the United Kingdom, it appears that the country’s finance industry - and more specifically its Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term industry - is still going strong.

As part of a four-part series taking a look at human resource trends in the financial industry, Finance Magnates assessed the impact Brexit has had on the forex job market. The overall consensus? So far, the damage has been limited. In fact, we found that recruitment specialists and brokers alike believe that the job market in the United Kingdom for forex professionals is better than ever.