if you say so
JPMorgan Chase buys second Paris office as post-Brexit plan accelerates
Bank to shift more staff out of London after purchasing seven-storey building
The US’s largest bank by assets said the move was part of its “strategy to continue to serve European-based clients seamlessly from major cities across the continent including Frankfurt, Luxembourg and Dublin”. JPMorgan will initially transfer sales people, followed by an as-yet undetermined number of traders, depending on the timing and substance of the UK’s departure from the EU, according to Kyril Courboin, the bank’s head of France.
https://www.ft.com/content/1189ae1e-3b71-11ea-a01a-bae547046735
Because of Brexit, which became official on 31 January, between 80 and 100 companies in London’s financial sector have decided to relocate around 4,000 direct jobs to Paris, and this process “is likely to accelerate”, de Bresson announced.
Like the French government and President Emmanuel Macron, Paris Europlace insists that the UK’s withdrawal from the EU is no good news, but rather a reality with far-reaching consequences. And Le Maire even went so far as to say that the French economy “must take advantage of Brexit”.
For the time being, this is the case, for instance, with the relocation of the European Banking Authority (EBA) from London to Paris. The EU agency’s 250 employees will, therefore, be working alongside another regulatory body, the European Securities and Markets Authority (ESMA), which is already headquartered in the French capital.
Business transfers
Since the British referendum in June 2016, in which a majority of British voters voted in favour of leaving the EU, investment banks such as HSBC, Bank of America, JP Morgan, Morgan Stanley and Goldman Sachs have announced increases in their staffing levels in Paris.
But few spoke directly of a transfer of activities from London.
HSBC said its subsidiary in France had opened several branches in the Netherlands, Italy, Spain, the Czech Republic, Ireland and Luxembourg. The banking group pointed out that operations were carried out in these seven countries based on the EU passport, which had hitherto been available to UK entities.
HSBC stated that despite its intention to “cause as little change as possible”, its French subsidiary has been increasing its range of products, services and local staff (although no figures are given). The bank is conscious that customers from the European Economic Area might no longer be served from London.
https://www.euractiv.com/section/uk...e-eus-top-financial-hub-in-post-brexit-world/
