EU banks help City of London’s survival

Political instability in France, coupled with better EU-UK relations, could threaten Paris’ ability to rival London as a financial centre. But a focus on institutional clients among French and other EU banks is already helping London’s resilience – a trend that shows little sign of abating.

After recent elections in Europe, changing political tides have undermined French hopes that Paris could catch up with London as a regional financial centre.

Even ahead of these events, many of the largest European Union-based investment banks – including French banks – have been growing their London-based staff. After some relatively small initial people moves post-Brexit, some UK headcounts at French and other EU-based corporate and investment banks are bigger today than before the UK’s exit from the European Union.

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