French banks put a block on staff transfers to UK - FT
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BNPP and Soc Gen call a temporary halt on staff transfers and UK hiring
Following on from the earlier comments from French and German financial centres, the FT reports that BNPP and Soc Gen have put internal staff transfers to the UK on hold and when looking at hiring, they are opting for non-London positions.
A senior Soc Gen executive said that the Brexit uncertainty had forced them to hold back on transfers. while a BNPP executive said that they are not adding new jobs in London for the time being, even though there is no official change in policy.
This news in no surprise due to the amount of uncertainty. The ball will start rolling if job roles are massively switched to Paris of other countries. I should imagine that the comments from Paris and Frankfurt today, with referenced talking to banks are likely to be tied in with this from these two French banks. I also wouldn't be surprised if these banks came under some pressure or were offered some incentives to move operations back to France. Any incentives would obviously be offered to all banks, not just French ones of course ;-)
The FT story is ungated if you want to read it in full.