The post-Brexit exodus has not taken place, or at least not yet. According to Ernest and Young, only 7 500 financial jobs were transferred to the mainland. London thus keeps its title as Europe's leading financial centre. Nevertheless, other places have benefited from the relocation of some companies' activities, such as Paris, Frankfurt, Dublin and Luxembourg.
Paris has been able to attract 3 500 jobs in the financial sector and 116 projects, the majority of which are in the fields of asset management (28%) and banking (25%). Among the giants that have chosen Paris we may cite: JP Morgan, Bank of America, Goldman Sachs and the American insurer Chubb, which has moved its headquarters from London to Paris.
Frankfurt has also attracted 3 500 jobs. Goldman Sachs, JP Morgan, Morgan Stanley and Citigroup were among the major groups that decided to settle in the city.
Dublin is also among the Brexit winners. Its geographical position, allows it to attract administrative activities from London (back office).
Ultimately, Luxembourg attracts companies because of its low tax burden. Several companies chose to settle there among which M&G Investments. According to the promotion agency, Luxembourg For Finance, 3 000 jobs could be created in the Grand Duchy.
For the record, Brexit will come into force on 1 January 2021. From that day on, the United Kingdom shall no longer be part of the European Union.
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