Bank of America to Begin Brexit Job Moves Next Month

(Bloomberg) -- Bank of America Corp. will start moving about 400 staff, mostly from London, to its Paris office in the next few weeks as the bank prepares for Brexit, according to a person familiar with the matter.

Traders, sales and support staff will move to the bank’s European Union offices in Paris and Frankfurt, with the vast majority relocating to the French capital, according to the person, who asked not to be identified as the information is private.

Bank of America plans to have 200 staff in place ahead of the Brexit deadline on March 29, with a further 200 to follow over the months following the U.K.’s scheduled withdrawal from the EU, the person said. The Charlotte, North Carolina-based bank employs more than 4,000 people in London.

While most of the extra staff in Paris and Frankfurt will be relocating from London, additional workers will also come from other offices, including New York, as well as some local hires to fill roles no longer performed in London or required to support the bank’s growing EU operations.

The U.S. lender has rented a building at 51 rue La Boetie in Paris’s 8th arrondissement to accommodate its expanded business. The office has the capacity to accommodate 1,000 workers, but much of this space is sublet by the bank, according to the person with knowledge of the move.

A spokeswoman for Bank of America declined to comment. London’s Evening Standard reported earlier that the job moves would begin next week.

To contact the reporter on this story: Harry Wilson in London at hwilson57@bloomberg.net

To contact the editors responsible for this story: Ambereen Choudhury at achoudhury@bloomberg.net, Marion Dakers, Patrick Henry

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