PARIS Nov 22 JPMorgan would be
reluctant to move many jobs to Paris following Britain's exit
from the European Union because of France's protectionist labour
laws, the U.S.-based investment bank's France head told Reuters
Paris could be an attractive option to move small groups of
well-paid traders who are on expatriates contracts, but not for
back offices with thousands of people, Kyril Courboin added.
However, the bank stressed it was nowhere near making a
decision on a possible move due to political uncertainties and
was doing a technical analysis of its options.
Bankers have cast doubts on the chances of France luring
much of the UK's financial industry after the Brexit vote,
citing the country's unstable tax regime and labour rules that
make people difficult to fire as major deterrents.
"It's certain that today we would not move thousands of
people to Paris where we would find ourselves facing very, very
protected employment contracts," Courboin told Reuters on the
sidelines of a conference in Paris.
French financial lobby Paris Europlace has called for a
special more flexible status in French labour law to apply to
senior staff in financial firms to make Paris more attractive to
However, Socialist Finance Minister Michel Sapin has said
that France is determined to make Paris attractive without any
such special status.
"I do not think we will have clarity on this before the
presidential elections," Courboin said. France goes to the polls
to choose a new president and a new government next spring.
European financial centres, especially Frankfurt and Paris,
have been mounting a charm offensive since the Brexit vote,
saying they expect banks to start moving some operations from
London next year to ensure continued access to the EU market
after Britain leaves.
(Reporting by Julien Ponthus; Writing by Maya Nikolaeva;
Editing by Andrew Callus and David Evans)