Bank of America 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.
Bloomberg News reports that 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.
The bank’s multilateral trading facility is “taking the calculated gamble’’ that there will be a deal allowing European Union equities to be traded in London after the U.K.’s departure, according to Richard Semark, head of UBS MTF.
“We may be the only venue to continue offering continental European equity trading in London and we see that as an opportunity,’’ he said in an interview.
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