French bankers have been locked out of crunch talks to protect the City amid fears they might feed intelligence back to Paris.
The Daily Mail reports that bosses at Societe Generale and BNP Paribas, which together have more than 10,000 UK staff, missed a key meeting on Tuesday as the industry prepared its response to the Brexit vote.
It follows hostility from French President Francois Hollande, who said he was hoping to snatch away the City's status as a hub for trades in euros.
And Societe boss Frederic Oudea has echoed that view, saying: 'I hope that Paris will be able to take advantage of this opportunity.'
Insiders denied the French banks were shut out, saying there were represented at the meeting by the Association for Financial Markets in Europe.
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