JPMorgan Expands Paris Presence with New Office for 1,000 Staff
By Mathieu Rosemain
PARIS (Reuters) -JPMorgan plans to open a new office in central Paris to accommodate 1,000 employees, it said on Thursday, as the Wall Street giant bets on further expansion in the French capital despite recent political instability and fiscal headwinds.
The announcement comes after U.S. President Donald Trump's slew of tariffs knocked corporate sentiment, with banks warning about the potential for an economic slowdown that could hit their hiring plans.
The new office, located behind the bank's Paris headquarters in Place Vendome, will open in 2027, with employees expected to relocate from its other buildings.
In the reorganisation accompanying the opening the bank will reduce the number of buildings it occupies from six to three, it said, though its overall office space will increase. JPMorgan's Paris headcount has already surpassed 1,000, it said.
The announcement comes ahead of next week's annual Choose France summit, President Emmanuel Macron's flagship event to attract international investment.
Since his first election in 2017, Macron has sought to lure global banks and investors to Paris with a raft of business-friendly policies, including the introduction of a 30% flat tax on capital gains and investment income in 2018.
(Reporting by Mathieu Rosemain)
