JP Morgan Makes Paris Its Post-Brexit European Trading Headquarters
JP Morgan has officially moved the company’s trading hub to Europe.
The move comes as a result of France looking to welcome more investment banking business and as finance workers from London relocate as a result of Brexit.
JPMorgan Chase Bank’s main trading center is now located in Paris, according to comments from Chief Executive Officer Jamie Dimon. The inauguration of the new headquarters took place on Tuesday of this week, according to Reuters. French President Emmanuel Macron was also at the ceremony.
The new headquarters is in a seven story building that’s a “stone’s throw” away from the Louvre museum. “All European trading, which is stocks, bonds, and derivatives will be going through here,” Dimon said at the inauguration.
The bank had previously said it wanted to employ up to 800 people in Paris by 2022, according to Reuters. 265 of those jobs could come from people who worked in France prior to Brexit, while 440 new trading and sales staff are also expected to join the company before the end of the year.
The investment bank also has large trading hubs in Amsterdam, Dublin and Frankfurt, the report says. And while some jobs are leaving London, it also still has “firm roots” in the English city. JP Morgan employs about 19,000 people in Britain overall, with 10,000 of those employees in London alone.
Macron, a former investment banker, is seeking re-election in 2022.
Wed, 06/30/2021 – 05:45