JPMorgan To Buy Paris Building To Bring Euro Teams From London

www.oann.com | 1/10/2017 | Staff
PARIS (Reuters) – U.S. bank JPMorgan Chase & Co said it plans to buy a building in central Paris to house up to 450 staff in coming years, as it relocates some services from London after Britain’s exit from the European Union.

The expansion is expected to make the French capital where it currently has 260 staff, its second-largest base in Europe behind London, which has 10,000 staff, JPMorgan said.

Bank - Sales - Teams - Staff - Timing

The bank will initially transfer sales teams, followed by trading staff depending on the timing of Britain’s full withdrawal from the European Union, Kyril Courboin, JPMorgan’s CEO France, told Reuters.

“Paris is going to be the second pole for our market activities in Europe,” he said.

London - Number - Activities

“London will still be number one because we are only transferring euro activities.”

That reflects a wider trend of banks shifting selected activities to euro-zone cities ahead of Brexit, without calling...
(Excerpt) Read more at: www.oann.com
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