Since the United Kingdom (UK) decided to leave the European Union (EU), French political and financial leaders have expressed their satisfaction at seeing bankers leaving the City of London and displayed visible efforts to attract them to Paris.
Jeremy Browne, the City’s representative to the EU, even complained about this, explaining to the Mail on Sunday that “what we are witnessing is a whole-of-France collective endeavor, made both more giddy and more assertive by the election of Emmanuel Macron.”
Apart from the HSBC bank which has planned to move about 1,000 employees to Paris, the other major announcements mainly benefited Luxembourg, Ireland and Germany so far. Luxembourg and Frankfurt are respectively the 18th and 23rd largest financial centers in the world while Paris ranks only 29th.
Considering that Germany is the leading economic power in Europe and that the European Central Bank (ECB) sits in Frankfurt, the richest German city could well benefit the most from Brexit. Analysts, however, believe that London’s clout in world finance is so important that it is unlikely that a European city will ever dethrone it.
London, New York, Singapore, Hong Kong and Tokyo still dominate global finance.