JPMorgan Chase & Co. has begun moving some staff back to London from Paris, in a partial reversal of its post-Brexit expansion on the Continent.
The bank had shifted roles to Paris following the UK’s exit from the EU, but appears to have overestimated staffing needs there. While its Paris headcount has grown to over 1,000 since Brexit, this remains far below its UK workforce, which has risen from 18,000 to 23,000 over the past decade.
Chief executive Jamie Dimon has long been critical of Brexit, previously warning that thousands of jobs could be lost in London. In practice, relocations were far more limited, and the bank has continued to expand in the UK, including the launch of its Chase UK consumer business.
The latest staff reshuffle reflects an ongoing recalibration of European operations rather than a full strategic shift. JPMorgan said it remains committed to its continental presence, even as it reinforces London as a key hub.
The bank is also planning a new Canary Wharf headquarters capable of housing up to 12,000 staff, underlining London’s continued importance despite Brexit.
Meanwhile, Paris has strengthened its position as a financial centre, with firms such as Goldman Sachs and Barclays expanding their footprint there, and Euronext emerging as a major rival to London’s markets.
