President Emmanuel Macron will declare that Paris is back on the map of global finance on Tuesday when he inaugurates JPMorgan’s new trading hub in the French capital which he hopes will attract more bankers leaving post-Brexit Britain.
The U.S. bank’s chief executive, Jamie Dimon, will be one of almost 120 international CEOs travelling to Versailles on Monday for Macron’s now traditional “Choose France” summit in which he pitches France as an investment destination.
The day after, Dimon and Macron will visit JPMorgan’s new hub in central Paris, a stone’s throw away from the Louvre museum, where about 440 employees will be based, many having relocated from London.
Macron’s advisers say that is testament to the appeal of France’s pro-business reforms implemented since the former investment banker’s election in 2017.
JPMorgan’s new trading floor is the latest concrete example of how Brexit is changing Europe’s financial landscape since January. Paris is at the vanguard of attempts to relocate clearing of euro derivatives from London to the EU after Britain’s “Big Bang” liberalisation of financial rules in the 1980s drained EU financial capitals of such activity and staff.