Market Overview

Tax-Soaked French Bankers Turn to London

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Originally published on Fox Business

The City of London financial district, though diminished by scandals and job cuts, is proving irresistible to fed-up Parisian bankers fleeing France's rising taxes and the feeling that they're not best loved at home.

French financial groups big and small, from advisory firms and private equity houses to big banks like Societe Generale, are looking at London as a possible shelter from a new 75% tax rate on top French earners, bankers say.

Take Bertrand Meunier, who recently agreed to move to London to take a job at private equity firm CVC Capital Partners, leaving a long-term leadership position at PAI Partners, a private equity firm that was spun off from French bank BNP Paribas over a decade ago.

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The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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