London will still be number one in Europe financially, CEO of $60 billion French’s investment company said

London will still be number one in Europe financially not Paris even after Brexit. This was meant by the statement given by $60 billion French private equity Ardian's founder and CEO.

As reported by Financial Times, Dominique Senequier spoke at the Cass Business School in London on Wednesday. He said London has always been the number one city in Europe financially. It may no longer be in Europe but for him, it won't change the situation. It will still be London, and not only London but people who are financially minded. 

The reason behind why it would not be Paris because according to him French people are less financially minded. He is not afraid to say that because he says it very regularly. France has many other things. They are very good cooks. They have the Mediterranean and they are very good entrepreneurs. They are the closest in terms of financial strength to London.

The sign that Prime Minister Theresa May is willing to give up passports rights in EU negotiations was felt. It means finance firms will no longer be able to sell services across the EU from London. This caused many investment banks and other financial companies to look for the relocation of their operations out of London, as reported by Business Insider. Other cities like Berlin, Paris, Frankfurt, New York, and Amsterdam are potentially seen as locations to move.

Paris as according to Valerie Pecresse, president of the Paris region can rate first in continental Europe. In a press conference this month she said that if somebody wants to live somewhere, all facets of quality of life should always be looked for such as cooking, healthcare and children's care. In such aspects, Paris is number one. Paris lobbyists are traveling to London regularly to court businesses. They said that they expect to win at least 10,000 jobs.

In relation to jobs, Greg Clark, the business secretary went to Paris on Thursday to talk with the French car maker Peugeot. Peugeot owned PSA is under negotiation with General Motors about selling its Opel brand (Vauxhall in the UK). Clark worked out to include in the negotiation the assurance that the deal will not lead to the closure of Vauxhall's Ellesmere Port and Luton plants where 3,400 people are employed.

Tags

London, Europe, Paris, Brexit, EU, Prime Minister Theresa May, Peugeot

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