Bank of America has signed a lease for office space in Paris, formalizing plans to move its European trading hub to the French capital after Brexit, people familiar with the decision said.
Bloomberg News reports that the bank agreed to rent about 100,000 square feet (9,300 square meters) in a building at 51 rue la Boetie in the 8th arrondissement, large enough to accommodate about 1,000 workers, said the people, asking not to be identified because the information isn’t yet public.
Located not far from the Arc de Triomphe landmark, the space is being modernized by a unit of France’s postal service, La Poste, which owns the building.
In the meantime, Reuters reports that Citigroup said its private bank is to set up a booking centre in Luxembourg to ensure it can continue to serve European Union clients after Britain leaves the bloc in 2019.
Citi currently operates its European private banking operations out of London, but UK finance firms may lose their ability to sell their services to EU clients unless the British government manages to strike a deal with the bloc.