PARIS- U.S. bank JPMorgan Chase and Co plans to purchase a central Paris building for 450 staff in the upcoming years to relocate services from London post-Brexit.
The expansion into Paris, where 260 staff are already working, is the second-largest base of the bank following London, which had 10,000 staff.
First, JPMorgan will transfer sales teams after which trading staff will move in after Britain’s full withdrawal from the European Union.
Paris is soon to become the second pole of the European JPMorgan Chase market activities. London will still retain its number one position as only euro activities are being transferred.
This is a reflection of how many banks are shifting certain activities to euro-zone cities before Brexit.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.