JPMorgan Chase buys new Paris building for post-Brexit move

US bank JPMorgan Chase has said it h purchased a new building in heart of Paris capable of holding 450 people, latest step in its plans to move out of London following Brexit.

newcomers will join 260 employees alrey working in French capital, bank said in a statement on Sunday.

"After multiple government reforms and given intrinsic nature of Parisian infrastructure, this is ideal time to invest here and for more of our staff to settle here," said Kyril Courboin, bank's managing director in France.

move "will give bank opportunity to pursue growth in France, in line with its strategy to continue to serve its European clients seamlessly from continent's major cities, including Frankfurt, Luxembourg and Dublin," statement ded.

CEO Jamie Dimon said at beginning of 2019 that JPMorgan planned to shift "several hundred" jobs from London to continent due to Brexit. bank alrey moved a handful of employees at end of 2018.

Britain's exit from European Union should take effect at end of this month, paving way for a transition period until end of 2020.

But French capital should have alrey benefited from relocation of 4,000 employees, Paris Europlace -- an organisation that promotes Paris's financial sector -- said at beginning of January.

Bank of America opened a new French subsidiary in February 2019 that employs 400 people, most of whom were previously based in London.

building JPMorgan chose in Paris is on Place du Marche Saint-Hore. It is connected to its hequarters on Place Vendome and could eventually accommodate tring room activities after completion of revation work at end of 2020.

(Im source AP)