JPMorgan is to buy a building in the heart of Paris from BNP Paribas to house a further 450 staff, as a result of Brexit.
The news was revealed by the French government as part of the annual ‘Choose France’ announcements which identified €8 bn-worth of forthcoming corporate investments.
The new 6,600 m2 office is near to JPMorgan’s existing French HQ on Place Vendôme. It will house sales staff and traders, with the number of the latter depending on how the EU-UK negotiations over financial sector regulation go.
The US bank said that London - where it currently has about 10,000 staff versus Paris’s current 260 - would continue to be its European centre for non-euro-denominated trading.
JPMorgan’s head of France, Kyril Courboin, told press: ‘After numerous government reforms and taking into account the intrinsic quality of the Parisian infrastructure, it’s the ideal moment to invest here and for our staff to settle in greater numbers.’
The business lobby group Paris Europlace puts the number of jobs Paris has gained since the Brexit vote in 2016 at 4,000.