JPMorgan prepares temporary Paris office for hard Brexit scenario
American banking giant JPMorgan has secured additional office space on the outskirts of Paris to accommodate some 200 staff in case of a no-deal Brexit, according to reports from the Reuters news agency.
The US bank has extended a rental contract on a temporary basis to potentially transfer some of its banking activities to the French capital, Reuters reported on Thursday.
It would transfer operations essential to continuing operations in continental Europe if the UK were to leave the EU without a deal.
The offices could accommodate these activities until something more permanent is arranged, preferably near its long-standing offices at the prestigious Place Vendôme, according to sources close to the matter.
Sources speaking to Reuters said Hôtel de la Marine on Place de la Concorde is one of the sites under consideration.
JPMorgan has also signed short term leases for hotel rooms and apartments in Paris, as well as several other cities, where its staff could be transferred in case of a “hard Brexit”.
The bank’s boss, Jamie Dimon, said in January that the financial firm would make sure that it was ready for any eventuality and had put aside hundreds of millions of dollars to cope with Brexit.