US investment banks are threatening the French government that will move their offices elsewhere if French regulations are not changed to allow for the same sorts is arbitrary and capricious firing that exists in the United States or the City of London.
Wall Street banks are demanding the right to be abusive employers:
Wall Street banks have warne1that their next wave ohiring in France may be stunted without restrictions on dismissal costs for highly paid traders, a flagship measure that has been left out of a reform package intended to bolster Paris as a financial centre.
Paris has emerged as the main winner among European cities vying to become Europe’s top financial centre post Brexit, and the caps were meant to be part of an “attractiveness bill” discussed in parliament this week. However, they have not been included for now as the French government and lawmakers seek legal workarounds for implementation under the country’s protective labour laws.
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Some said their future expansion partly depended on a further loosening of labour laws, including around traders defined as “key risk takers”.
“We’d only really consider going much further in our hiring if French labour rules became truly adapted to these kinds of cyclical activities,” said one executive at a US bank in Paris.
Redundancy payouts to traders earning more than €1mn a year in Paris can end up being more than five times that of London, although there is less of a difference between France and the rest of Europe.
“This is really a measure mainly driven by the US investment banks and with the idea that it’s really a Paris-London issue,” said Jean-Charles Simon, chief executive of Paris Europlace, which promotes the French capital as a financial centre.
Pampered over-privileged parasites are not a good basis for the economic well being of your citizenry.
All that it gets you is unaffordable housing and increases in profits for prostitutes and cocaine dealers.
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