Bank of America has been debating proposals from Chief Operating Officer Tom Montag’s subordinates to rapidly build out a European trading hub in Paris, according to people with knowledge of the talks.
Bloomberg News reports that Montag and some of the firm’s most senior leaders recently discussed whether to alter a tentative plan to send a few hundred employees to the French capital, the people said, asking not be named because the talks are private. Ideas included radical changes that weren’t embraced. As reported by Bloomberg in September, the firm is looking to make Paris its new regional base for trading once the U.K. exits the European Union, initially sending roughly 300 people.
One proposal from executives in the corporate and investment banking division, which Montag runs, called for about 600 positions in sales, trading and other operations to be moved swiftly from London mostly to Paris, the people said. Managers also floated the idea of shifting more staff than the roughly 1,000 who could fit in the Paris office that the bank intends to use, one of the people said.
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