Paris’ Rise as Finance Hub at Risk After Macron’s Election Call
- Vote risks undoing policies that helped lure finance firms
- Ability to attract talent is a key concern for global bankers
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French President Emmanuel Macron spent much of his tenure persuading bankers and fund managers to flock to Paris after Brexit. His decision to call snap elections may give some in the industry pause.
Global firms such as JPMorgan Chase & Co. and Bank of America Corp. have moved billions in assets and hundreds of staff to Paris over the past years, in a wager that the French capital would one day rival London as a European finance hub. Macron has estimated the push created more than 7,000 extra jobs in the industry, where rising interest rates have fueled record earnings.