'Paris withstanding Brexit '

- Investment banks have been reported in France unprecedentedly strong terms that Paris makes absolutely no chance to recruit personnel from the City of London as his labor not eased.

Paris preys like Frankfurt, Dublin and Amsterdam on banks that want to leave the City of London by the approaching Brexit.

These opportunities have grown for these cities. The chief executive of UBS in France reported that the French legislation does not offer the flexibility needed a rapidly changing world.

' The saying goes that it takes three days to fire someone in London, three months in Switzerland and three years in Paris. That's probably pretty close to reality, 'says Frederic de Leusse, the chief executive of UBS in France, reported by the Daily Telegraph.

The harshest criticism comes from Morgan Stanley. While Paris invariably points to the extremely pleasant living conditions in the capital, with a rich cultural and culinary life, the director of the French branch reported, Rene Proglio, bankers do not care. Nor primarily to the welfare of their bankers.

Proglio: ' This is not the first concern of banks. So do not be carried away by such rhetoric of humanistic philosophy. Whether you like it or not, their sole purpose is to defend the interests of the shareholders. '

The banks look at regulation and rate of taxation. Paris it is absolutely not a competitor anymore, so the bankers wrote bluntly.

Social security contributions for workers are enormous. ' This is a handicap and the hole in Frankfurt is a very big problem, 'said Proglio.

But according to the French association of banks, four of the largest nine banks still French. Moreover, French asset managers dominate the European market.

The French head of stock exchange company Euronext Stephane Boujnah reported during the same session that the Brexit huge negative impact will the market if it is put through. Boujnah warned that the rest of the European Union is not going to work quickly with the bankers external financial center, the City.

Brexit can be felt already. Frankfurt is already the most 'refugees' from London, Dublin is a close second.

During a recent conference on Brexit, well attended by banks, however, it became clear that Germany stringent demands on British bankers. Which can only with a full authorization to work in Frankfurt.

So a brass plate with the company name to nail the wall and open a sales office will not be tolerated, warned the German regulator BaFin.

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