BNP Paribas' chairman said London’s financial district will undergo large changes following the U.K.’s decision to leave the European Union as banks operating there prepare to secure access to the bloc.
“I don’t see London remaining as it is; there will be change and it will be significant,” Jean-Adrien Lemierre said in a speech at the Paris Europlace financial forum in Tokyo on Monday. “Banks are already making quiet moves in preparation.”
Bloomberg News reports that European financial centres are making competing pitches for any financial jobs that flow out of London in the aftermath of the Brexit vote in June. Lemierre touted Paris as a potential destination, saying the French capital has a strong financial center with a balanced regulatory framework and a large talent pool.
Trade negotiations between the U.K. and the EU over the terms of Brexit will be long and difficult, according to Lemierre.
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