Saturday, July 21, 2018

JPMorgan Chase may increase headcount in Paris by about 60 people as part of its planning for Brexit, according to a person briefed on the discussions.

That move would hinge on the outcome of negotiations between the UK and European Union and would be after any transition period agreed to by the two sides, said the person, who asked not to be identified because the deliberations are private.

The additions would mostly be client-facing employees, with some corporate personnel, the person said.
 

Financial firms have been finalising plans to handle Brexit even as discussions among policy makers reach an impasse. Goldman Sachs and Morgan Stanley reportedly plan to expand their presence in Frankfurt. HSBC and Bank of America have made moves to add staff in Paris.

JPMorgan chief executive officer Jamie Dimon met with Bruno Le Maire, France’s finance minister, on Thursday in Washington, said Brian Marchiony, a spokesman for the bank.

The Financial Times reported JPMorgan’s plan to bolster staffing in France on Thursday.

Earlier this week, it was reported that senior staff at French investment banks were expecting to bow to pressure from the French Government to bring jobs home to Paris. 

Bankers working for French investment banks in London believe pressure from Emmanuel Macron’s government, the President himself a former investment banker, makes a move to Paris more likely.

Bloomberg