The city largely forgot the agreement between 27 and the United Kingdom

After ten months of negotiations, the post-Brexit trade deal was narrowly found. But many inadvertently, especially regarding the banking sector. The city’s future, so far the European financial capital, will be decided in the coming months.

The European Union and the United Kingdom reached an agreement on their future relations on Thursday. But after months of negotiations, many are still unknown. For example, the field of finance was excluded from discussions. However, the city, by now the European financial capital, is preparing to experience major changes. From 1 January, London loses its European passport, which is necessary to be able to operate on the Union’s markets and sell financial products, for example.

-Le-de-France expects 3,400 employees

From now on, banks that want to work with Europe will have to have a branch on the continent. Transfers have started. The battle between Frankfurt, Dublin, Luxembourg and Paris especially for the reception of this London diaspora is intensified. In the arele-de-France after Brexit, 3,400 employees are expected.

Among them are, for example, employees of the European Banking Agency, who have already moved from London to La Défense, who are from Bank of America, who moved to Paris a year ago, and JP’s Morgan.

But in fact, negotiations are continuing between Europe and Britain on the banking sector. An agreement has already been signed, for example the anti-money laundering law. But many other issues have to be resolved, the conclusions of which can make all the difference.

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About the Author: Forrest Morton

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