Jamie Dimon, JPMorgan Chase chief executive, has confirmed the US bank’s interest in moving jobs from London to Paris after Brexit during a meeting with France’s finance minister, Bruno Le Maire, in Washington on Thursday.
“I had a productive meeting with [Mr] Le Maire today and I am impressed with France’s progress toward economic reforms. As we discussed today, JPMorgan is considering adding jobs in Paris after Brexit negotiations are complete,” Mr Dimon said on the sidelines of the IMF and World Bank meetings.
A person familiar with the meeting said the bank had a figure of 60 jobs in mind. They would mostly be roles that deal with EU clients, according to the person, who stressed that keeping the bank’s options open was central to its strategy.
The US bank currently has around 250 staff in France, most employed at its Place Vendôme headquarters. It has already said it planned to shift “several hundred” of its 16,000 UK staff to the continent as soon as Britain leaves the EU, with the jobs spread across several cities including Paris, Frankfurt, Dublin and Luxembourg.
Mr Dimon said in July that JPMorgan had chosen Frankfurt for its legal hub but that jobs from the bank would most probably be moved from London to all over Europe.
Paris has made no secret of its desire to attract such financial jobs, announcing measures to lower the tax burden and cut red tape for international bankers.
Emmanuel Macron, France’s president, has sought to revive interest in the country since his election in May with a series of pro-business reforms, such as increasing job market flexibility, aimed at boosting economic growth.
“It’s the image of France that is changing, the way that other countries look at France is changing,” said Gérard Mestrallet, the head of Europlace Paris, which lobbies for French finance.
While other banks, such as Nomura and Daiwa, have also chosen Frankfurt as their legal base there is a belief in Paris that a large number of finance jobs can be attracted to the city, particularly in trading positions.
“We are looking for 10,000 jobs to come directly [as a result of Brexit],” said Mr Mestrallet. “It will take time, some banks want to wait until a final decision is made [on Brexit].”
France has already seen some of the hoped-for job moves confirmed, even as many banks hold off announcing plans while they wait to see how negotiations between the EU and the UK turn out.
HSBC, which has a big French operation, has said it is likely to move 1,000 jobs to Paris, while Bank of America this month confirmed plans to move 300 traders and support staff to the French capital and Citigroup said it had applied for a broker-deal licence.
JP Morgan is the oldest foreign bank in France, opening a Paris branch in 1868 on Boulevard Haussmann.
In 1895, Pierpont Morgan lent the French government 250 million gold francs in the wake of the defeat at the Battle of Sedan which had led to Napoleon III’s surrender and ended the Franco-Prussian War or the War of 1870, as the French prefer to call it.
Get alerts on Brexit when a new story is published