JPMorgan moves from post-Brexit London
The bank plans to open the new facility by the end of 2020
Stocks impacted: JPMorgan Chase & Co (JPM)
The US banking giant plans to buy a building in central Paris to house up to 450 staff in coming years, in an effort to relocate some of its services from London after Brexit. The newcomers will join the 260 employees already working in the French capital. The company plans to open the new facility by the end of 2020. As a reminder, Britain due to leave the European Union on January 31 and negotiate a new relationship with the bloc during the rest of 2020. The move reflects a wider trend of banks shifting some of their activities activities to Eurozone cities ahead of Brexit. As a result of acceleration in the Brexit process, JPMorgan decided to go ahead with its relocation plans.
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