City defectors prefer Dublin, Paris and Luxembourg

Due to Brexit, which reduced their access to European markets, more than 440 British financial institutions have already transferred all or part of their activities, personnel, assets or entities to the European Union.

This first assessment, drawn up by New Financial, a think-tank, exceeds forecasts.

And it is undoubtedly still below the truth.

According to his calculations, banks have relocated from the United Kingdom to the Old Continent 900 billion pounds of assets (more than 1000 billion euros), or 10% of the total held across the Channel. In addition, 100 billion pounds (115 billion euros) moved by insurers and asset managers.

In total, 7,400 jobs have been expatriated or created in the European Union, whereas they could have been in the City. And the movement is only just beginning, worries the think-tank. The big winner of these transfers is Dublin. The capital of Ireland was chosen by 135 of the companies who searched for a host city in the European Union. Paris comes in second, preferred by 102 companies, while Luxembourg conquered 93, and Frankfurt 62. “

says New Financial.

Many companies have also chosen to divide their activities between several cities, often according to the sector of activity, for example, Dublin was elected by a third of the asset managers who defected from the City. Conversely, 60% of financial establishments located in Frankfurt are banks. Finally, two thirds of those who have emigrated to Amsterdam are brokerage firms or trading platforms.