2017-02-23ft.com

Paris will build seven new skyscrapers in its business district as part of an aggressive campaign to lure financial services companies from London after the UK leaves the EU.

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Marie-Célie Guillaume, chief executive of Defacto La Défense, the body responsible for managing the financial hub in western Paris, said that they wanted to send a "powerful message to businesses that are uncertain about their future in London".

Paris is vying with Frankfurt, Luxembourg and Dublin to attract banks, insurers, start-ups and other companies worried about what will happen when Britain leaves the political bloc. Paris has been one of the most aggressive in its efforts.

Immediately after the June 23 referendum, President François Hollande's socialist government changed the tax rules for expatriates in Paris to make it more generous, and put together a high-level team to lobby international companies.

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In January, HSBC became the first big bank to confirm plans to move jobs out of London after the Brexit vote, saying it aims to relocate 1,000 roles in its London-based investment bank to Paris.

UBS said about the same number of its London employees could be affected by Brexit, while Jamie Dimon, chief executive of JPMorgan Chase, said that more than 4,000 of his bank's 16,000 UK staff could be displaced. Neither has yet said where they might move, however.

In September, French financial regulators said they were simplifying the process of registering new financial companies in Paris, in part by allowing documents to be filed in English. They said this came "in the context of the Brexit vote".



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