Paris Benefits from Brexit Fallout
Banking Giants Move Operations
- JP Morgan moves 450 staff to Paris from London
US bank JPMorgan Chase has announced it’s moving 450 of their London based bankers and staff to Paris. This follows CEO Jamie Dimon’s announcement at the beginning of 2019 that the bank planned to shift “several hundred” jobs from London to the continent due to Brexit.
Joining their 260 employees already working in Paris, they will be housed in a newly purchased building in central Paris on Place du Marche Saint-Honore. « It is connected to its headquarters on Place Vendome and could eventually accommodate trading room activities at the end of 2020. »
“After multiple government reforms and given the intrinsic nature of Parisian infrastructure, this is the ideal time to invest here and for more of our staff to settle here,” said Kyril Courboin, the bank’s managing director in France.
The move “will give the bank the opportunity to pursue growth in France, in line with its strategy to continue to serve its European clients seamlessly from the continent’s major cities, including Frankfurt, Luxembourg and Dublin,” the statement added.
- Bank of America – Operations in Paris expand by 400 staff
Bank of America had already opened a new French subsidiary in February 2019 that employs 400 people, most of whom were previously based in London.
As reported by Bloomberg news at the end of January 2019 :
« Traders, sales and support staff will move to the bank’s European Union offices in Paris and Frankfurt, with the vast majority relocating to the French capital, according to the person, who asked not to be identified as the information is private. »
« The U.S. lender has rented a building at 51 rue La Boetie in Paris’s 8th arrondissement to accommodate its expanded business. The office has the capacity to accommodate 1,000 workers, but much of this space is sublet by the bank, according to the person with knowledge of the move. »
Britain’s official exit from the European Union should take effect at the end of this month, paving the way for a transition period until the end of 2020.
The Paris business world extends a « bienvenue à Paris ! » to these new arrivals.