BNP Chief Calls for Greater French Effort to Lure Banks to Paris
- U.K.’s vote to leave EU triggers race for London bank jobs
- Bonnafe sees eliminating tax on banker pay as priority
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President Francois Hollande’s government will have to go beyond current efforts on tax if it hopes to attract banking business to Paris in the wake of the U.K. decision to leave the European Union, BNP Paribas SA Chief Executive Officer Jean-Laurent Bonnafe said.
Since Britain voted to leave the 28-nation EU June 23, remaining members of the club including France and Ireland have started pitching to win business and jobs from London, the region’s largest financial center. In France, Prime Minister Manuel Valls pledged to improve a special tax regime for foreigners, among other measures. Bonnafe says that won’t be enough.