The prominent financial institution, Bank of America, is looking to open its doors in Paris with reports saying that the bank is looking to secure a spacious office in the capital of France. According to reports, BofA is looking to move its trading operations in Paris as the United Kingdom prepares catapult itself out of the European Union.
BofA has been reportedly leasing about 100,000 square feet of the lot at 51 rue de la Boetie in Paris’ eight arrondissements; according to reports, the lot has been iconic because it houses the Arc de Triomphe landmark.
BofA Moves to Paris
The financial institution’s decision to move has been circling around the community for months now and has been an internal debate among the bank’s senior investment executives. The initiative has been laid out, and the bank is expecting house more or less 300 employees, and further additions are expected as the lot can accommodate a total of 1,000 employees.
BofA’s move, along with other financial institutions has been planning to put up an outpost elsewhere so they can continue with their EU services and extend their services to their customers that are based in London. There has also been a tight competition between cities such as Paris and Frankfurt; both cities are looking lucrative for banks and their headquarters in the European Union.
If the rumors and news circulating are true, then French President Emmanuel Macron’s plan on courting these big financial institutions from London. Other bank’s such as HSBC and local French banks which includes Societe Generale and Credit Agricole are also some of the financial institutions that are looking for Paris as a safe haven after the Brexit.
On the other hand, financial institutions such as Morgan Stanley, Citigroup Inc., Standard Chartered PLC, and Nomura Holdings Inc. are choosing Frankfurt for their European Union Headquarters. While other financial institutions such as Goldman Sachs Group Inc. and UBS Group AG are still choosing between both cities but are heavily siding on Frankfurt as their new location.
BofA’s Dublin HQ
Earlier this year, the bank has already announced that they are going to relocate their EU legal headquarters in Dublin. According to sources, BofA is also looking to move its investments bank activities which include bond and equity trading to its new office in Paris; although further clarifications from the bank have yet to be made.
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