Brexit : Bank of America will be able to accommodate 1,000 posts in Paris

The efforts of Prime minister Edouard Philippe and the minister of Economy and Finance Bruno Le Maire, in order to attract the actors of the finance assessing their options post-Brexit would they be in the process of bearing fruit ? After the insurer Chubb, which will implement the Paris of its european headquarters, and Citigroup, who will apply for a licence for brokering activities, it is the turn of Bank of America Merrill Lynch, the second american bank to choose the capital to install its “hub” of trading.

According to the agency Bloomberg, the bank has signed a lease to rent 9.300m2 of offices at 51 rue de la Boétie, in the 8th arrondissement of Paris. What accommodate about 1000 people in the heart of the “golden triangle”, between the salle Gaveau and the “Village,” the incubator of startups of Agricultural Credit.

It is a building in the Art deco style, which belongs to the Post and is subject to heavy modernisation works, which will remain the post office. According to the source Bloomberg, Bank of America would consider to install in a first step 300 people and can be sub-lease a portion of the surface. In waiting for the precise terms of the exit of the Uk from the EU in march 2019, including the total loss of the “european passport” giving access to the single market and the impact of location of teams on european soil, in foreign banks to keep their options fairly open.

There would have been an intense internal debate on the choice of the city, the head of “fixed income” (the activities on interest rate markets, currencies and commodities) preferring Paris, and the brokerage of actions advocating for Frankfurt. Bank of America plans to establish in Dublin the legal entity of its european headquarters post-Brexit, but had warned that it relocaliserait jobs in several major cities of the EU.

The video presentation of the premises.

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