With the European Union’s regulatory regime now in Britain’s rearview mirror, the Unite Kingdom now gets to decide its own fate about how to attract new business. The question is: Should it continue to look to Europe, where it’s always had strong ties, or open new lines to the rest of the world?
This week, JPMorgan Chase CEO Jamie Dimon cut the ribbon on the U.S. bank’s new European hub in France. French President Emmanuel Macron was in attendance; he’s been courting big businesses that formerly had offices or even headquarters in London and may now be looking for a new European base post-Brexit.
JPMorgan had been wary of making such a move, but now aims to have 800 staff in Paris by the end of next year, a 200% increase in its current presence.
The bank isn’t alone in its decision: At least 7,000 financial services jobs have shifted away from the British capital since Brexit became…