US BANK JP Morgan said yesterday 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, JP Morgan said.

It will initially transfer sales teams, followed by trading staff, depending on the Brexit timetable.

"Paris is going to be the second pole for our market activities in Europe," said chief of JP Morgan France Kyril Courboin.

Reuters

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