JP Morgan Acquires Building in Paris Ahead of Brexit

[Image source=EPA Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] U.S. investment bank JP Morgan has decided to purchase a building to expand its Paris branch ahead of Brexit (the United Kingdom's withdrawal from the European Union), Bloomberg News reported on the 19th (local time).

According to the report, JP Morgan announced plans to acquire a seven-story building near the Louvre Museum in the 1st arrondissement, the heart of Paris. This building was previously used as an office by BNP Paribas.

JP Morgan plans to first relocate its London sales team to Paris, followed by transferring trading staff to the Paris branch. The bank explained that the teams handling euro-related operations will be moved ahead of Brexit.

Currently, JP Morgan employs about 10,000 people in London and 260 in Paris. With this reorganization, JP Morgan aims to increase the number of employees at its Paris branch to around 450 by the end of this year, making it the second largest branch in Europe after London.

Kirill Koubotang, head of JP Morgan's France branch, described the building purchase plan as a measure in preparation for Brexit. He added that with France reforming labor laws and other regulations, it is considered an appropriate place for investment, stating, "There will never be a better time to invest than now."

Meanwhile, Bloomberg reported that this decision came ahead of the government-wide investment attraction event "Choose France," hosted by French President Emmanuel Macron. The event, held on the 20th at the Palace of Versailles, will gather leaders from 200 global companies in one place.