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Reports: Frankfurt, Paris gain banking jobs in wake of Brexit vote

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Reports: Frankfurt, Paris gain banking jobs in wake of Brexit vote

Bankers arein higher demand in cities in continental Europe following Britain's vote toleave the EU on June 23, according to a report by finance headhunters DHRInternational cited by Sky News and the FinancialTimes.

NewYork-based DHR International has seen a rise in demand for banking jobs comingfrom Frankfurt and Paris as well as other cities in recent months, according tothe reports, which added that so-called Brexit provides lender with a"handy excuse" to shift workers out of pricey London.

"Firmswere already making plans to move middle and back office roles out of London inorder to cut costs, but now Brexit has acted as a catalyst for radical surgery,providing firms with the impetus to act on these plans immediately," StéphaneRambosson, managing partner of DHR International, was quoted by Sky News assaying.

Alongsiderank-and-file staff, top executives are also being targeted.

"Anumber of U.S. banks have shifted their hiring for senior positions incorporate and investment banking to locations such as Paris and Frankfurt aspart of the first step in expanding their presence in mainland Europe,"the FT quoted Rambosson as saying.

"U.K.candidates are increasingly making it clear that they are willing to move outof London to roles elsewhere in Europe — whilst firms are instructing us tofill roles overseas that might previously have gone to London."

BritishPrime Minister Theresa May said Oct. 2 that the U.K. would trigger Article 50of the Lisbon Treaty, thereby initiating its exit from the EU, by the end ofMarch 2017.