More young French and fewer young British recruits at Rothschild & Co. following Brexit

More young French and fewer young British recruits at Rothschild & Co. following Brexit

In 2019, 38% of Rothschild & Co. new hires came from France, up from 29% in 2018. Conversely, 22% of the financial advisory group’s recruits came from the United Kingdom and the Channel Islands in 2019, down from 28% in 2018.

On 25 August 2020, French Member of the European Parliament (MEP), Virginie Joron of the Identity and Democracy Group, raised a written parliamentary question to the European Commission.

MEP Joron asked the Commission “does it have any other information on businesses choosing to hire in France rather than Britain in key single market areas?” and “does it plan to support employment in the EU by taking smart protectionist measures against Britain, particularly in the financial sector and public procurement?”

On 9 December, Jobs and Social Rights Commissioner Nicolas Schmit responded on behalf of the European Commission and stated that “the Commission does not collect data on the nationality of employees in businesses in the different Member States”.

Commissioner Schmit declared that “the Commission has no intention to adopt protectionist measures” and that “under World Trade Organisation (WTO) rules, but also under Free Trade Agreements, the EU always maintains the right to adopt measures to ensure the financial stability and the integrity of its financial system and the protection of investors”.

Source: https://www.europarl.europa.eu/doceo/document/E-9-2020-004624_EN.html

Photo Credit : https://pixabay.com/photos/banker-suit-attorney-office-3590828/

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