Two people familiar with the situation said research analysts were among a “small number” of staff being considered for relocation as the bank worked towards putting at least 200 additional workers in the French capital.
The bank, which has picked Dublin as its new EU headquarters and Paris as a key centre for its trading business, declined to comment.
While the number of research staff involved is small, the precedent of moving people who could stay in London into continental hubs will worry the UK, which is keen to preserve as much of its financial services ecosystem as possible even though Brexit will make it difficult for UK-based operations to trade directly with EU clients.
“Many jobs across the sector are interdependent,” said Catherine McGuinness, policy committee chairman at the City of London Corporation. “As some jobs are moved, there are other functions that are closely connected and will be considered carefully by individual institutions.”
Andrew Pilgrim, financial services associate partner at EY, said Brexit had been a “catalyst for reviewing operating models regardless of any new frictions to market access, so some functions will see change”.
He added, however, that he saw the movement of people and infrastructure as “extremely targeted” and expected “the City [of London] to continue as Europe’s major and only full service financial centre”. [...]
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