Irrespective of whether Brexit happens or not, banks are still making preparations for its eventuality. Sources say BNP Paribas has moved new teams out of London to Paris and Frankfurt in recent weeks.
BNP didn't respond to a request to comment on its Brexit strategy, but the French bank is understood to have moved both corporate salespeople and several members of its exotic rates trading desk out of London. The moves follow a spurious rumour several weeks ago that the French bank had moved a large derivatives trading book to Paris.
Individuals who've moved are understood to include Arnold Reijnders, BNP's head of corporate FX sales for the UK, Ireland and the Netherlands, who is now thought to be in Paris. Insiders suggested that only BNP's Nordic salespeople are now left in London. Exotics rates traders and desk quants at the French bank are understood to have gone to both Paris and Frankfurt.
If a hard Brexit takes place, banks may need to move salespeople working with European clients out of London overnight on 31 October. Banks like JPMorgan are understood to be poised to do this. For the moment though, JPMorgan is still looking for German corporate rates salespeople based out of London.
BNP's moves to Europe follow complaints from the bank's staff earlier this year after they were allegedly offered French contracts with a 20% salary cut mitigated by a 'generous relocation package.'
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