The French oil and gas company Total is to transfer its cash management operation from London to Paris, blaming Brexit and costs, just weeks before the UK leaves the EU.
Chief executive Patrick Pouyanné told a conference in the French capital on Tuesday that the decision would affect up to 70 jobs in its treasury and IT functions.
“For cost reasons, Paris is attractive. We find talents there that are a little bit less expensive than London …It’s a logical decision that’s been accelerated by the confirmation that Brexit is taking place,” he said.
The comments were followed by a Twitter post in which he described Paris as the “heart of the European economic and financial system”.
While the number of posts is relatively small, it underlines doubts about London’s ability to retain its attractiveness as a premier financial hub once the UK exits the bloc at the end of this month. [...]
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