JPMorgan's Paris Traders Are Only Part of the Threat to London
A year after Brexit, the EU’s finance hubs are taking shape. Bloomberg reporters look at the merits of Paris, Frankfurt, Dublin, Amsterdam and Milan.
Photographer: Nathan Laine/Bloomberg
In Paris, JPMorgan Chase & Co. has worked out of an exquisite 18th-century hotel particulier on the Place Vendome for the last 105 years. If you want an idea of how Brexit is transforming the landscape of Europe’s finance industry you should pop around the back.
Before Britain quit the European Union, JPMorgan’s Paris HQ was a relative backwater with about 250 staff. Thanks to the shift of EU banking out of London it expects to have 800 by the end of next year. Most remarkable, according to workers there, is that the Wall Street giant has pretty much added a whole new business line to its French HQ: Trading and sales.