Global banks are jockeying to maintain access to the European Union after Brexit/Bloombergby Kudakwashe Muzoriwa
JPMorgan Chase & Co. is set to acquire former BNP Paribas offices in central Paris’s historic 1st arrondissement with space to house 450 employees including traders and customer-relations staff.
The bank is taking over the seven-storey building on 21 Place du Marché Saint-Honoré, a short walk from the Louvre museum and near its private banking operation at 14 Place Vendôme. In a statement, JPMorgan, which already has 260 employees in Paris, said that it plans to connect the sites together directly and open the new facility by the end of 2020.
Kyril Courboin, Head of JPMorgan’s French business, said, “French government reforms, together with the quality of the city’s infrastructure, mean there is no better time to be investing here and for more of our staff to make it their home.”
“We are thrilled to bring more jobs and investment to the city,” said Courboin.
Global banks are jockeying to maintain access to the European Union after Brexit as Britain pushes an aggressive line before negotiations start with Brussels to work out the parties’ future relationship.
Boris Johnson’s stance, as communicated by his chancellor this weekend, suggests a hard Brexit could be in the cards.