Brexit - Paris to be “major beneficiary”

Thursday, 08 November 2018 17:09
The city of Paris should be “one of the great beneficiaries of Brexit,” says Jamie Dimon, head of JPMorgan US Bank, in an interview published Thursday in Les Echos.
“Paris will be a major beneficiary of Brexit whatever happens,” he says.

“For the first day of Brexit, JPMorgan will move several hundred people to mainland Europe and will hire more. And our subsidiary in Paris will have its share,” Jamie Dimon insists. “The French authorities have been very effective in attracting people, as the Germans, by the way.” 

The UK will leave the EU, its single market and customs union on March 29 2019. But Michel Barnier, the European negotiator, said Wednesday that the advances toward an agreement with London on this Brexit were insufficient.

Asked by Les Echos about the effects of a “hard Brexit,” without an agreement with the EU, Jamie Dimon acknowledges that “it could be a severe blow to the City over time,” while saying he expects an “agreement in principle on the Brexit this month.”

“Details will be crucial, and could prove painful. We are preparing for any eventuality,” he warns again.

Jamie Dimon mentions in particular the question of the location of digital data centers. “Brussels might want all data centers to be located within the EU. This would have a direct impact on business and employees. Many people might have to move, far beyond the banking sector and JPMorgan.”

The Brussels Times
Google Plus

More Stories

Circular sent to schools to cover young climate marchers

Circular sent to schools to cover young climate marchers

A circular meant to protect young people who skip school to march for the climate has been sent to all French-speaking schools in Belgium, Sudpresse newspapers reported on Tuesday.

Pilot project sees Brussels Airport hire 6 employees with autism

Pilot project sees Brussels Airport hire 6 employees with autism

A pilot project which has employed six people with autism spectrum disorder (ASD) to work at Brussels Airport is reporting positive results.

Ketamine, the new cocaine

Ketamine, the new cocaine

About one in five young people between the ages of 18 and 34 years who regularly attend electronic music events took ketamine last year.