More than 12 institutions have showcased their interests to start their European companies in Ireland as the United Kingdom dropped its membership to the EU. Now, the Bank of America is one the institutions to consider building a trading hub in Paris.
The American bank widely believes that there will be as much as 75,000 unemployed people in the financial sector if Brexit pushes through.
Tom Montag, the chief operating officer on Bank of America, is currently debating with his subordinates about whether they should establish a European trading hub in Paris, France. Along with other heads in the company, they talked about changing their original plans on sending several of their employees to Paris, according to an anonymous source.
Last October, BofA already leased more than 9,300 meters squared at the eighth arrondissement in Paris and will have up to 1,000 people at “La Poste”. According to some, their new office is very clean and looks like a “high-end clinical facility”. It is also where the famous Arc de Triomphe can be found.
However, Bank of America refused to release any comments regarding the matter.
If Brexit continues
Other executives in the banking division, that Montag runs, said they called roughly 600 people for sales and trading. Some managers also suggested moving more than 1,000 workers who could fit in their office in Paris. There are possibilities that the bank would not agree on these terms as they demonstrated the probable negative outcome for employees.
Investment banks across the globe will shift thousands of their staff to cities in Europe, just in case, the United Kingdom loses passport rights for the next two years.
Besides Frankfurt, Luxembourg, and Paris, Dublin is also one of the best choices of financial institutions to move in. International Development Association's head of financial services Kieran Donoghue said that the authority has sent out more than 80 inquiries from companies since the Brexit vote.
However, Montag said that most of his employees will be transferred to Frankfurt or Paris, instead of Dublin.