WELCOME TO PARIS, IF YOU’RE THERE ALREADY
To American-style investment banks looking at France, the message from the local inhabitants is clear: “Keep off our turf or you’ll end up with a bloody nose.”
The impending battle is a repeat of skirmishes in the 1970s when several US brokers — Morgan Stanley, Lehman Brothers, Merrill Lynch, Smith Barney and Dean Witter — operated in Paris. The fierce local competition, and the protective plating around the financial sector, drove them back across the Channel to London, which then was opening up to foreign bankers.
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