Posted on 02/20/2019 7:18:52 AM PST by Cronos
One thing is clear about the legacy of Brexit: Financial services will be spread across Europe, with no one city again dominating the financial arena as London has.
In Paris, an empty Art Deco postal office is on its way to becoming Bank of America’s headquarters for its European brokerage arm. Where telegraph operators once tapped out messages, hundreds of traders and sales people will be working by spring.
In Frankfurt, Morgan Stanley’s European hub will double its staff of 200. Germany’s financial center, which wooed financial firms in London with a “Fall in love with Frankfurt” video, is welcoming investment bankers from Goldman Sachs and Citigroup.
The financial landscape of Europe is changing as banks shift employees and hundreds of billions of dollars’ worth of assets from London to new subsidiaries across the bloc .
..Cities across the Continent have been vying for a piece of an industry that represents about 7 percent of Britain’s gross domestic product and more than a million jobs there.
Frankfurt, Paris, Dublin and Luxembourg will be the first to secure new business as financial services companies gauge how profitable London remains. In the next months, along with Madrid and Milan, will find more traders, compliance teams, human resource managers and technology workers in their midst. Amsterdam will become home to more European markets.
One big Brexit beneficiary is Dublin, where Bank of America, Citigroup and Barclays are expanding their ranks. “Dublin is our headquarters for our European bank now, full stop,” said Anne M. Finucane, vice chairwoman of Bank of America, which employs more than 800 people there.
“There isn’t a return. That bridge has been pulled up,” Ms. Finucane told the European Financial Forum on Wednesday. “From a trading perspective, likewise Paris would be the European trading arm.
(Excerpt) Read more at nytimes.com ...
I hope B of A savors the joys of employing people in France.
Once on your payroll you can never, ever fire them. And if you tell them they need to take a bath you’ll be brought up on human rights charges.
““Dublin is our headquarters for our European bank now, full stop,” said Anne M. Finucane, vice chairwoman of Bank of America, which employs more than 800 people there. “There isn’t a return. That bridge has been pulled up,” Ms. Finucane told the European Financial Forum on Wednesday.”
Sounds like she’s reveling in her “punishment” of England. The Globalist is angry.
The Brits are not particularly known for their adherence to a regimen of personal hygiene.
No but if you fire a Brit you won’t be forced to continue paying them for the rest of their natural lives.
Yep, I’d take freedom over banks. Of course the banking cartels will trash British credit, thus killing GDP and FTSE in the short and maybe medium term. Think in the end it will be worth it, easy to see where they end up with the course the EU has set for them.
We’ll see. You’ll forgive me if I don’t take the NY Times’ word for it.
Well I can tell you personally that jPmc, bofa etc are moving out.
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