‘Nothing will change’ Brexit Project Fear DESTROYED in ONE phrase by European bank chief

Laurent Mignon, CEO of French bank Natixis, said there would be no “drastic” change to its London set up.

In contradiction to Remainers’ ‘Project Fear’ the banking chief said only a “minor relocation” may happen.

Speaking to Bloomberg, Mr Mignon said: “In London we’ve got 620 people together within the investment solution and CIB part and most of those are sales people.

“We will probably follow some of the business when some of the clients are moving, but it will be minor relocation.

GETTY•BLOOMBERG

Laurent Mignon said there would be no

We’re not going to drastically change our set up in London

Laurent Mignon, CEO of Natixis

“So it doesn’t need any very significant move and doesn’t need significant provision because it will be done within time and given the evolution of our client base, but globally we’re not going to drastically change our set up in London.”

However, banking giant Morgan Stanley could move from London to Frankfurt after Brexit in a shock announcement that could see 200 jobs leave Britain.

The bank will be applying for a licence with the local German regulator that will allow it to continue trading across the EU after Britain completes its divorce with the bloc.

Around 200 UK jobs could be relocated as a result of the decision, impacting staff in both front and back office operations.

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The move is expected to double the workforce at its Frankfurt office, which currently houses 200 staff, though the bank may also bulk up additional offices in Paris and Dublin as part of its post-Brexit strategy.

Citigroup could move up to 200 jobs from the UK to its Frankfurt office, which will become a broker-dealer entity to serve its European Union clients.

EY’s Brexit Tracker, released the first week of July, showed that 18 financial services firms had mentioned Frankfurt or Germany in their post-Brexit contingency plans.