The French oil company Total plans to pull its cash out of the UK after Brexit and return its financial hub to Paris in a show of faith in Europe, according to its chief executive.
Patrick Pouyanné announced plans for Total to move its central treasury, including between 60 and 70 jobs, back to the “heart of Europe’s economic and financial system” in Paris by the end of 2020.
“Total will bring its cash back to Paris,” he told a financial conference in the French capital on Tuesday morning.
🇬🇧⚡🇪🇺 @Total a decide de transférer sa trésorerie centrale de Londres à Paris, siège du Groupe en 🇫🇷, décision logique compte-tenu du #Brexit. La place de #Paris est au ❤du système économique et financier européen 👍🏻 #Europe #ChooseFrance @euronext_fr @emmanuelmacron
— Patrick Pouyanné (@PPouyanne) January 14, 2020
He later confirmed the move on social media, tweeting that it was “a logical decision” given the UK’s decision to leave the EU.
Total’s decision to abandon the City will raise doubts once again over whether London can retain its position as Europe’s most important financial centre against competition from Paris and Frankfurt.
Read more via The Guardian