April 18, 2018 / 10:16 PM / in a month

JPMorgan mulls moving 200 bankers to Paris post-Brexit - Les Echos

PARIS (Reuters) - JPMorgan (JPM.N) is considering moving almost 200 banking jobs from London to Paris after Britain leaves the European Union, Les Echos newspaper reported on Wednesday, citing unidentified sources.

FILE PHOTO: A J.P. Morgan building is seen at Canary Wharf in London, Britain May 17, 2017. REUTERS/Stefan Wermuth/File Photo

Boosted by reforms undertaken by President Emmanuel Macron, Paris has overtaken Frankfurt as the most popular destination for the number of finance jobs to be shifted out of Britain after Brexit, a Reuters survey found last month.

“Paris has become attractive again, even from a tax point of view,” Les Echos cited an anonymous source as saying.

JPMorgan’s Daniel Pinto, who holds the shared positions of president and chief operating officer, discussed the issue with Bank of France Governor Francois Villeroy de Galhau during a meeting in New York on Wednesday, the paper said, adding that the bank had yet to make a final decision.

    Macron, a former investment banker, and his government are pushing through social and economic reforms to re-shape the French economy and restore France’s image among investors.

    He has already made hiring and firing easier by easing labour regulations, slashed a wealth tax, introduced a flat 30 percent tax rate on capital income and scrapped the highest bracket of payroll tax for banks.

    JPMorgan Chief Executive Jamie Dimon was also one of the guests at Macron’s pre-Davos summit at the palace of Versailles in January where the French president pitched his country to some of the world’s most powerful business executives.

    Reporting by Michel Rose; Editing by Dan Grebler

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