Reuters - Video

Edition: US | UK | IN | CN | JP

Video

'Frogs' open the door to Brexit bankers

Tuesday, October 18, 2016 - 01:34

With a quip about British fog and French frogs, Paris began an advertising campaign this week aimed at poaching business from London after the Brexit vote raised questions about the future dominance of Europe's top financial capital. Sonia Legg reports.

▲ Hide Transcript

View Transcript

It's not very subtle but France has made no secret of its desire to woo Britain's financial workers. This poster the latest attempt to persuade London bankers to leap over to Paris. The new campaign is meant to showcase the French capital's business district. Posters have been placed at key transport hubs around London. (SOUNDBITE) (English) DIRECTOR GENERAL OF DEFACTO, MARIE-CECILE GUILLAUME, SAYING: "Brexit is not good news for Europe, but that was a vote of English people, we are not to comment on that, we respect it. And now we're going to fight to attract to Paris international companies and English companies." Britain's vote to leave the European Union triggered political and financial turmoil in the country. And it took London's financial sector by surprise. Many working in it fear without access to the single market London will gradually lose its position as the only financial capital to rival New York. But it may not be Europe that benefits. (SOUNDBITE) (English) CITY INDEX, RESEARCH DIRECTOR, KATHLEEN BROOKS, SAYING: "I actually think initially we are going to see more in the US. Remember Europe has got a lot of election risk coming up in the next month and years and also some of their banks are in terrible shape so I think the US is going to be a bigger beneficiary." Frankfurt, Dublin and Luxembourg are also keen to cash in. And there are rich pickings. London accounts for 41 percent of global foreign exchange turnover, double that of New York. And for 85 per cent of European-based hedge funds London is their main address. At least it is for now - unless the Channel doesn't seem such a long hop after all.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

'Frogs' open the door to Brexit bankers

Tuesday, October 18, 2016 - 01:34