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Everyone’s Going To Paris!

Goldman Sachs by choice, the European Banking Authority by chance.
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By Rosss (Own work) [GFDL or CC BY-SA 4.0-3.0-2.5-2.0-1.0], via Wikimedia Commons

By Rosss (Own work) [GFDL or CC BY-SA 4.0-3.0-2.5-2.0-1.0], via Wikimedia Commons

Everything’s coming up Paris. Literally. The City of Lights, with its generally unfavorable attitude towards bankers (aside from the occasional one who gets elected president), is on course to become a rather unlikely financial center.

First, Lloyd Blankfein decided not to decide.

“We won’t have a single hub, but two - Frankfurt and Paris.”

LB won’t be playing favorites: He’s still pretending that Goldman might occupy more than half of a shared cubicle at its new “European” headquarters in London, and that he just loves spending time in Frankfurt. Instead, the Elect shall elect where they wish to go. Here’s a great big hint: It won’t be Frankfurt.

“In the end, its the people who will largely decide where they prefer to live.”

“And I can imagine that many Americans would prefer living in Paris than Frankfurt for various reasons.”

You don’t say. I can also imagine things, and that is that many non-Americans will also prefer living in Paris than in the mini-metropolis by the Main.

But even while Paris’ business boosters were pinching themselves over that news, things were about to get better. Since London won’t be in the EU anymore by early 2019, the European Banking Authority can’t be in London anymore by then. And for a while, it seemed like France was putting Paris forward as a future home for the regulator more to keep it away from Frankfurt than to actually win the thing. And yet, there it was, in a flat-footed tie with Dublin after seeing the Germans off in the first round. And so, the future home of the EBA went down to a coin flip, and as always in these cases, Brian Moynihan loses out to Blankfein and Jamie Dimon.

The French capital beat out Dublin after the two cities were tied in a final round vote to host the European Banking Authority, with the eventual name being picked out of a hat on Monday….

The decision means Paris will be home to both the EBA and the European Securities and Markets Agency (ESMA) – marking a major win for president Emmanuel Macron’s bid to turn the French capital into Europe’s premier financial hub after Brexit.

Goldman to have two EU hubs post-Brexit – Frankfurt and Paris: report [Reuters]
Paris wins fight for European Banking Authority [FT]

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