No doubt many firms will leave our shores in one of the Worst Political Decisions made in the last half-century and here is evidence of such:
French bank Societe Generale could move 400 banking jobs from London to Paris as a result of Brexit, chief executive Frederic Oudea has said.
“At this stage, it seems quite clear that it will be necessary to relocate a certain number of jobs to the euro zone,” Mr Oudea told Reuters at a banking conference in Paris on Tuesday.
“In this scenario, in the light of the decisions taken by the government, we will concentrate the relocations in France,” Mr Oudea.
Mr Oudea said post-Brexit moves could affect around 300 to 400 corporate and investment banking jobs – up to a fifth of the 2,000 staff SocGen has in the UK.
The SocGen boss was speaking at a meeting organised by Europlace, the French capital’s lobby group, and attended by French prime minister Edouard Philippe as well as senior executives from JP Morgan, HSBC and BNP Paribas.
Speaking at the conference, JPMorgan boss Jamie Dimon said all banks must prepare for a “hard Brexit” scenario which would see firms lose their financial passport to operate across the EU. He reiterated plans to increase headcount at JPMorgan’s Frankfurt office.