Paris becomes JP Morgan’s first “hub” in Europe

“It’s the beginning of a story, Paris will become the leading financial center in Europe”. The day after the annual summit of foreign investors in France “Choose France”, Emmanuel Macron came Tuesday to greet the arrival of more than a hundred traders of 32 nationalities, mainly from London, at JP Morgan in Paris.

After these first transfers in January, the first American bank will reinforce its teams of more than 400 people before the end of the summer. About a hundred more are due to come and expand their ranks in 2022, and they will then cross the threshold of 800 employees on French soil, a level unparalleled among American banks to date.

“They must be ambassadors,” insisted the President of the Republic in the presence of Jamie Dimon, the boss of the first American bank, in the middle of the screen aisles of the trading room of the new seven-story hub.

Brexit has turned into an opportunity for the French government: some 3,000 people have left the British capital to join France, greeted Emmanuel Macron, “and for me, this is only the very beginning”, he said. -he says.

The bank, which has cultivated its proximity to the French government for over 150 years, will regain its size in the late 1970s. While its London and Paris offices were then almost neck and neck, JP Morgan focused on the British capital, where it still has some 19,000 employees today.

Lower transfers in Germany and Italy

Nevertheless, with its transfers well above the sixty planned at the start, Paris becomes the first market center of JP Morgan throughout continental Europe. “In Germany and Italy, transfers were much lower than in Paris,” said a spokesperson for the bank.

“I like the idea that you like France, but you put the money and your staff there, that’s why you get results,” Emmanuel Macron said to the attention of the boss of JP Morgan.

“When Emmanuel Macron asked me as Minister of the Economy to transfer employees, I replied that this was impossible under a presidency for which the first enemy was finance. He answered me, impossible is not French, ”recalled Kyril Courboin, the president of JP Morgan in France, who has been working on these arrivals for several years.

But the President of the Republic, who met in the wake of traders, in the premises of the bank, young people from disadvantaged neighborhoods supported by the actions of JP Morgan, also wanted to insist on the social responsibility of finance. In addition to these investments in Seine Saint Denis, the bank announced a new support package of several million euros.

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