Macron puts the City in his cross hairs as the new president bids to lure bankers from London to Paris

  • Macron first revealed his hopes of using Brexit to lure bankers in February 
  • In an extraordinary statement outside No 10 Macron hinted at a raid of the City 
  • City chiefs warned French labour laws would limit what Macron could achieve 

By Tim Sculthorpe, Deputy Political Editor For Mailonline

Published: 11:30 EDT, 8 May 2017 | Updated: 12:05 EDT, 8 May 2017

Emmanuel Macron (pictured today in Paris) revealed his ambition to draw bankers from London to Paris in an extraordinary statement on the steps of No 10

Emmanuel Macron (pictured today in Paris) revealed his ambition to draw bankers from London to Paris in an extraordinary statement on the steps of No 10

The City of London was in the cross hairs of France's president-elect Emmanuel Macron today as he plotted to fulfil his ambition to lure bankers across the Channel.

Officials in Paris believe as many as 10,000 bankers, fund managers and other executives could move from London.

Brexit has left question marks over the legal and regulatory framework that will operate in London and particularly over the future of trading in euros.

Mr Macron revealed his ambition to draw bankers from London to Paris in an extraordinary statement on the steps of No 10 in February after talks with Theresa May.

Arnaud de Bresson, chief executive of Paris EUROPLACE which promotes the French capital's financial sector, today told the Standard: 'The next decade will be a French decade.' 

He added: 'Now is the time to come back and develop new innovative activities in France and benefit from a more business-friendly environment.'

Jean-Louis Missika, the city's deputy mayor in charge of economic development, told the paper: 'Mr Macron will make France a world platform for start-uppers, researchers, the innovation economy and fintech.

'Now we have the (election) result, so more companies will start to move activities and people to Paris.

'It's possible for all these companies, big or small, to have a foot in London and a foot in Paris because the relationship between the two cities will be more and more tied and important.'

Mr Macron (pictured attending VE Day celebrations with the current French president Francois Hollande) will take power next week after a landslide win in the election 

Mr Macron (pictured attending VE Day celebrations with the current French president Francois Hollande) will take power next week after a landslide win in the election 

Officials in Paris believe as many as 10,000 bankers, fund managers and other executives could move from London's Square Mile (pictured) to Paris 

Officials in Paris believe as many as 10,000 bankers, fund managers and other executives could move from London's Square Mile (pictured) to Paris 

Mr Macron revealed his intentions after a high profile summit with Mrs May in No 10 - an opportunity not afforded to the centrist candidate's rivals.

As he emerged into Downing Street he said: 'I want banks, talents, academics, researchers, and so on.'

Mr Macron revealed his intentions after a high profile summit with Mrs May in No 10 in February (pictured) 

Mr Macron revealed his intentions after a high profile summit with Mrs May in No 10 in February (pictured) 

'It will be part of my programme to be attractive for these kinds of people,' the former economy minister and ex-investment banker said.

David Buik, market commentator at City brokers Panmure Gordon, told the Standard he was worried about the prospect.

He said: 'It's an absolute shocker for the City, he's got us in his sights, we are in the cross-hairs.'

'He came over here....talking to French people and saying 'we'll have you back.'

But Nicholas Brooks, Head of Economic and Investment Research at asset managers Intermediate Capital Group, was sceptical about the prospect of large scale moves.

He added: 'Macron will be constrained by existing labour laws in France and by infrastructure constraints in Paris if he is trying to develop it into the next London.

'He will push to make Paris more attractive but there are limits on how far he can go with that.'

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