The bank are relocating hundreds of London staff to Paris (Picture: Getty Images)

A US bank has bought a new building in Paris as part of plans to move out of London after Brexit.

JPMorgan Chase previously announced they would moving ‘several hundred’ jobs from the UK after the country leaves the European Union at the end of January.

There are already 260 employees working in the French capital, the bank said in a statement, with many being moved over in 2018.

The new building is capable of holding 450 employees.


In a statement, the bank’s managing director in France Kyril Courboin said it was the ‘ideal time to invest’ in Paris and bring more staff over to the city.

It is the bank’s second Paris office (Picture: Getty Images)

He indicated that sales people will be the first to move over to Paris, followed by an as-yet undetermined number of traders.



However London will remain the bank’s ‘number one’ and will continue to be the regional centre of non-euro trading activity.

There are currently around 10,000 people working for JPMorgan Chase in the British capital.

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The bank has previously placed around 450 people in Luxembourg and 500 in Frankfurt, Germany.

Britain’s looming uncertainty over Brexit has caused difficulty for the financial sector, with Paris attracting several companies and institutions as a result.

HSBC has transferred around 1,000 jobs from London to Paris, while the Bank of America has invested in office space for 1,000 staff in the capital.

If all goes to plan on January 31, the UK is expected to enter a transition period until the end of 2020, in which it will remain bound by EU legalisation.

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