'More UK jobs heading for France', claims bank boss
Brexit has resulted in almost 2,500 jobs relocating from London to Paris, along with "at least €170 billion in assets", according to the governor of the Bank of France.
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Patrick Thomson, EMEA chief executive at JP Morgan Asset Management, told Investment Week that the City was ready to explore opportunities post-Brexit."We believe the UK can maintain a leading role in the asset management sector given the demand for international and domestic financial services products, as well as contribute to the development of international regulatory standards," he said."The Chancellor (Rishi Sunak) has stated his intention for the UK to be open for business which is a very welcome message for international asset management firms to continue to invest in their operations in the UK. "It will be important that the regulatory agenda matches this ambition. And while the recently agreed Brexit trade deal is limited in its coverage of financial services, it creates a solid platform on which to build a co-operative, new relationship."This will be important for avoiding unnecessary market fragmentation which, we believe, is not in the interest of investors."Bob Wigley, the head of UK Finance, added: "It will be important to build on foundations of this trade deal by strengthening arrangements for future trade in financial services."
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