British Barclays to shift some of its assets & jobs to Paris

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British Barclays to shift some of its assets & jobs to Paris

Ahead of a growing risk of no-deal Brexit, the UK’s Barclays, a financial institute and well-positioned lender, decided to shift some of their jobs of London-based credit & equity derivatives sales teams to Paris, as a no-deal Brexit has started to toll on the financial markets, signaling an unfathomable uncertainty less than 50 days away from a Brexit deadline, at least two sources familiar with the subject matter confirmed on Friday, the 8th of February, meanwhile a spokesman for Barclays did not agree to respond immediately.

The Barclays would be the second to move their assets away from Britain in to other eurozone countries, so the company could remain operational, and the Bank of America has declared on Friday, the 8th of February, that they had also started to relocate some of their jobs in to Paris.

Meanwhile, the French government seems to be actively trying to lure away financial institutions from Britain to Paris ahead of an imminent no-deal Brexit, proffering potential tax breaks and promising to open more English-language schools in Paris for the bankers’ children.

Nonetheless, the Barclays has decided Ireland to be its key post-Brexit banking port, and it also had secured a court approval to move over $215 billion of assets from United Kingdom to its Irish Subsidiary.