French oil giant gives City a vote of confidence
Tuesday 06 August 2013
London Mayor Boris Johnson put one over on the French President François Hollande yesterday as France’s biggest oil company said it would move its finance department from Paris to London.
Total’s decision was described by City insiders as a significant boost for London’s status as the financial capital of Europe.
The company wants to move its corporate treasury department to London to be nearer to stock market analysts who cover it and raise its profile with international investors. The oil giant is considering moving 60 staff from its treasury department to London and about 10 people in investor relations. “It’s currently under discussion with social partners, trade unions,” said a spokesman. “It would concern 60 to 70 people – maximum 70 people, out of the group’s 100,000 staff.
“The idea is to get closer to London, which is the oil trading and financial centre of Europe, to allow the group to improve its international visibility.”
The move is likely to ruffle feathers in the Socialist government of Mr Hollande, whose campaign pledge to raise taxes on the rich has infuriated some business figures and prompted threats that some high earners would move out of France in protest.
“Total pays and will continue to pay its taxes in France,” the spokesman said, noting that the group had paid €1.2bn (£1bn) to the French treasury in 2012.
The corporate treasurer, Humbert de Wendel, and financial communications head, Martin Deffontaines, would move to London under the plan, but the chief financial officer, Patrick de La Chevardière, would remain in Paris, the spokesman added.
The executive committee will stay in Paris and no other departments are set to move. The plan will not be implemented before the end of the year.
- 1 Man on naked bike ride gets ejected after becoming aroused
- 2 Charles Kennedy 1959-2015: A gifted, compassionate politician whose career was cut short by the 'demon drink' - latest news
- 3 Ann Summers survey reveals the UK's favourite sex position
- 4 Jaden Smith wears gender fluid dress to high school prom with Hunger Games actress
- 5 How much sex should I be having?
Ed Miliband returns to the backbenches but it's all a bit awkward as he tries to avoid eye-contact with fellow Labour MPs
Man on naked bike ride gets ejected after becoming aroused
Charles Kennedy 1959-2015: A gifted, compassionate politician whose career was cut short by the 'demon drink' - latest news
Ayyan Ali: Pakistan's top model now appears in the courtroom rather than on the catwalk
Isis tortures 14-year-old Syrian boy and films it in graphic video for 'propaganda purposes'
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Why this year's general election was the most unfair in Britain's history
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...