JPMorgan to buy Paris building to bring euro teams from London

By Gwénaëlle Barzic

PARIS, Jan 19 (Reuters) - U.S. bank JPMorgan Chase & Co
said it plans to buy a building in central Paris to
house up to 450 staff in coming years, as it relocates some
services from London after Britain's exit from the European
Union.

The expansion is expected to make the French capital where
it currently has 260 staff, its second-largest base in Europe
behind London, which has 10,000 staff, JPMorgan said.

The bank will initially transfer sales teams, followed by
trading staff depending on the timing of Britain's full
withdrawal from the European Union, Kyril Courboin, JPMorgan's
CEO France, told Reuters.

"Paris is going to be the second pole for our market
activities in Europe," he said.

"London will still be number one because we are only
transferring euro activities."

That reflects a wider trend of banks shifting selected
activities to euro-zone cities ahead of Brexit, without calling
into question London's dominance as Europe's premier financial
centre.

An acceleration in the Brexit process, with Britain now due
to leave the EU on Jan. 31 and negotiate a new relationship with
the bloc during the rest of 2020, had prompted JPMorgan to go
ahead with relocation plans, Courboin said.

Political reforms to labour law and the fiscal environment
had encouraged it to favour France, he added.

The building purchase was announced on Sunday as part of the
"Choose France" drive, an annual investment event created by
President Emmanuel Macron to draw business leaders to France en
route to the World Economic Forum in Davos each January.

The French presidency also unveiled agreements with shipping
firm MSC, which will have two cruise ships built in France
guaranteeing 2,400 jobs for over three years, and drug
manufacturer AstraZeneca, which will invest $500 million
over five years.
($1 = 0.9019 euros)
(Reporting by Gwenaelle Barzic, writing by Gus Trompiz
Editing by Alexandra Hudson)