After Brexit, the number of vacancies in the City fell – Le Figaro

This figure was down 12% in July, after the British decision. The competing cities from the European financial capital are mobilizing to attract these financial and certain criteria could play for Paris …

What The City feared is happening. After the surprise vote in favor of the British Brexit June 23, the nerve center of finance in Europe forfeits jobs. The number of vacancies in the City of London recorded a sharp decline of 12% in July, according to a study of the consulting firm Morgan McKinley.

This decrease reflects the climate of uncertainty after the British decision, in a referendum to leave the EU, urging caution companies, particularly in the area of ​​finance predominant in the business center of London. However, the consultancy believes this is a fallback “modest” given the issues related to the referendum. “Hiring slowed while institutions are in a post-Brexit blur, but the impact of the referendum has not been stronger than expected,” says the communiqué Hakan Enver, head of financial services at Morgan McKinley.

In fact, the day after the vote Brexit, speculation about the number of jobs moved from the City were rife. Thus, PwC evaluated these job losses for the City between 70,000 and 100,000 in the UK financial services sector by 2020

The question is who will take advantage of this movement. Paris, Frankfurt, Dublin, Luxembourg, Amsterdam …? The competing cities are making the red carpet to the bankers. The president of the Ile-de-France, Valérie Pécresse, had thus assured to be “ready to welcome all those who want to return to Europe.” “Welcome to Paris Region”, “New London” had she started. Frankfurt Main Finance, an organization that defends the interests of the square Frankfurt’s has launched a hotline, a website and a campaign on social networks called – in English in the text – “Welcome to Frankfurt – What can we do for you? “. Other European cities also touted their financial infrastructure, offices and leading experts.

The choice of host cities, however, could be made on other criteria. Thus, the language options or schooling may have greater significance for the bankers. “People will not be willing to accept an assignment if they think it will hurt the education of their children,” said Simon Murray, director of the International School of Paris, the Wall Street Journal . The problem is that many international schools are already sold. Paris has many bilingual programs and international schools but their capacities are reduced. Manuel Valls assured however that France would build as many bilingual classes than necessary. For its part, Frankfurt has less international schools as Paris.

A massive shift of jobs to the continent however seems unrealistic at this stage, says Hakan Enver, head of financial services at Morgan McKinley.