Wednesday, March 20, 2019 | ePaper

Brexit to create 3,500 jobs in Paris

  • Print
AFP, Paris :
Britain's moves towards exiting the European Union are already expected to create some 3,500 finance and banking jobs in Paris as leading players in the sector move their operations out of London, an industry group said Wednesday.
The figure "is much higher than the direct job transfers to other European financial capitals," Gerard Mestrallet, president of the lobby group Paris Europlace, said at the opening of the group's annual conference.
The US asset management giant Blackrock and the bank Citigroup are among the companies planning to move some activities to Paris, according to British media reports.
On top of an estimated 3,500 jobs seen as likely so far, the transfers could generate an additional 20,000 indirect jobs in the French capital, said Mestrallet.
He attributed the shifts to Paris to labour law overhauls and other measures taken by President Emmanuel Macron, a former Rothschild investment banker who is pushing to make France more attractive to foreign investors.
"We've made more progress in the past two years in Paris than over the previous 13 years," he said, citing in particular the end of a wealth tax on financial assets and a new flat tax on capital income, including dividends and interest payouts.
London has long been Europe's top financial centre, and analysts have predicted a wave of job transfers to the continent by banks and insurance companies as Britain prepares to leave the union in March 2019.
Leading companies in other sectors have also warned they might move
operations out of the country, including Airbus, BMW and Siemens.
Paris has several rivals for the post-Brexit business, including Frankfurt,
Amsterdam and Dublin.

More News For this Category

M M Monirul Alam, Managing Director of Guardian Life Insurance Limited and Anis A Khan, Managing Director of Mutual Trust Bank (MTB) Limited, exchanging an agreement signing document at the Bank's head office in the city recently. Under the deal, employees of MTB along with their dependent family members will be able to claim insurance coverage and facilities from the insurance company. Tapan Chowdhury, Chief Patron, David Griffiths, Director, Md. Azimul Haque, Head of Group Insurance, Rubayat Saleheen, Head of Marketing & Communication of the insurance, Dr. Arif Dowla, MA Rouf, Md. Abdul Malek, Directors of the Bank were also present.

M M Monirul Alam, Managing Director of Guardian Life Insurance Limited and Anis A Khan, Managing Director of Mutual Trust Bank (MTB) Limited, exchanging an agreement signing document at the Bank's head office in the city recently. Under the deal, employees of MTB along with their dependent family members will be able to claim insurance coverage and facilities from the insurance company. Tapan Chowdhury, Chief Patron, David Griffiths, Director, Md. Azimul Haque, Head of Group Insurance, Rubayat Saleheen, Head of Marketing & Communication of the insurance, Dr. Arif Dowla, MA Rouf, Md. Abdul Malek, Directors of the Bank were also present.

GDP growth to reach 8.13pc, per capita income $1909 in FY19

Economic Reporter :The country's economy will grow by record 8.13 percent in the current fiscal year (FY19) while the per capita income will reach US$1,909, said Finance Minister AHM Mustafa

NEC approves Tk 1,65,000cr revised ADP

The National Economic Council (NEC) today approved a Tka 1,65,000 crore Revised Annual Development Programme (RADP) for the current fiscal year (FY19) keeping highest priority on the transport sector.The approval

Banks to charge simple interest rate: Kamal

Banks to charge simple interest rate: Kamal

Economic Reporter :Finance Minister AHM Mustafa Kamal on Tuesday said that simple interest rates will be charged on all bank loans instead of present practice of compound rates to lower

Mizanur Rashid, Chief Commercial Officer of bKash Limited and Syed Ashraful Islam, Chief Financial Officer of Asrotex Group, exchanging an agreement signing document at bKash head office in the city recently. Under the deal, around 17 thousand RMG workers of the group will get their salary through bKash account from now. Top officials from both sides were also present.

Mizanur Rashid, Chief Commercial Officer of bKash Limited and Syed Ashraful Islam, Chief Financial Officer of Asrotex Group, exchanging an agreement signing document at bKash head office in the city recently. Under the deal, around 17 thousand RMG workers of the group will get their salary through bKash account from now. Top officials from both sides were also present.

Humayun for making BCIC profitable

Economic Reporter :Industries Minister Nurul Majid Mahmud Humayun Tuesday asked the employees and workers of the 13 organisations under Bangladesh Chemical Industries Corporation (BCIC) to work with the highest professionalism,

Jute can be new growth driver of economy

Jute can be new growth driver of economy

Economic Reporter :Jute and jute goods hold potential to become the next key driver of the economy as the present ones -- garments and remittance -- have little scope to

1m employment in ICT sector last one decade: Palak

Economic Reporter :Country's Information Communication Technology (ICT) sector progressed tremendously in last one decade. Only in this sector, 10 lakh job opportunities created during this tenure and by 2021 this

Stocks witness up on large-cap vibe

Economic Reporter :Stocks witnessed upward trend on Tuesday as major indices of both Dhaka and Chittagong Stock Exchanges were found rising trend with higher activities of some large-cap securities despite

Ali Reza Iftekhar, Managing Director of Eastern Bank Limited (EBL) and  Madhav Kalyan, Managing Director of J P Morgan Chase Bank NA, India and head of corporate banking (South and Southeast Asia), exchanging a partnership agreement signing documents for processing letter of credit documents through electronic channel at EBL head office in the city recently. Top officials from both the organizations were also present.

Ali Reza Iftekhar, Managing Director of Eastern Bank Limited (EBL) and Madhav Kalyan, Managing Director of J P Morgan Chase Bank NA, India and head of corporate banking (South and Southeast Asia), exchanging a partnership agreement signing documents for processing letter of credit documents through electronic channel at EBL head office in the city recently. Top officials from both the organizations were also present.