French retail bank BNP Paribas has decided to create 400 jobs in continental Europe due to Britain’s departure from the EU bloc, Reuters reported.
The lender said it has taken the required measures to retain its operations in the UK.
With Brexit, banks would lose their passporting rights. Therefore, it has forced banks to rethink where their base should be located so as to minimize business disruption.
In a press release, while reporting its quarterly results, the bank said: “Selling financial services from the UK to EU clients will not be allowed.
“In the UK, the front office roles, mainly sales positions, and their associated set-up positions are impacted by these measures.”
Out of the 400 new positions created, 160 will reportedly be front office roles while the remainder will be support functions.
According to Reuters, 260 positions have already been filled as of 30 June 2020.
However, the lender did not reveal where these positions are based.
The Brexit transition period is expected to last until the end of 2020. The details of the future relationship between Britain and the EU have not been discussed.
The bank added: “The group is already prepared for the end of the Brexit transition period in December 2020.”