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France’s Top 3 Banks Prepare to Cut U.K. Staff Because of Brexit

European Banks Exploit a Weakness to Cut $145 Billion in Trades
Photographer: Marlene Awaad/Bloomberg

As Brexit looms, France’s top three banks are now pressing ahead with plans to cut their staffing in the U.K.

BNP Paribas SA, Credit Agricole SA and Societe Generale SA are preparing to move about 500 positions from London, mostly to Paris. The three already have investment-banking hubs in France, and a presence in many parts of Europe, to take on the incoming employees.