Fine wines, skiing in the alps, and the best food in the world: How Bank of America is selling Paris to bankers ahead of Brexit
- Bank of America Merrill Lynch is moving as many as 400 sales and trading jobs to Paris as part of Brexit preparations.
- The bank produced an information leaflet for staff who may be affected, which was circulated internally in August.
- Business Insider has seen the leaflet. It advertises Paris' "famous chefs and restaurants", "some of the best wine regions in the world", and its educational and cultural amenities.
Paris has it all, according to Bank of America Merrill Lynch.
The American banking giant has produced a brochure for London employees considering a move to Paris as part of Bank of America Merrill Lynch's Brexit contingency plans. The document, seen by Business Insider, includes a section headed "Reasons to live and work in Paris" that touts the city's excellent culture, educational facilities, food and wine, and access to outdoor activities.Bank of America Merrill Lynch declined to comment when contacted by Business Insider.
Bank of America employs around 4,500 people in the UK and around 100 in Paris. However, the lender is looking to adjust that balance as Brexit looms. It has publicly said that around 200 jobs in sales and trading will likely have to move and Reuters reported over the summer that the number could be as high as 400.
Bank of America circulated the brochure to staff who may be affected by the changes in August. The leaflet boasts of Paris' museums, its "famous chefs and restaurants", and "some of the best wine regions in the world."
When it comes to culture, "Paris has it all," the bank writes. The brochure also touts Paris' schools and proximity to London. More broadly, it advertises the "spectacular ski slopes of the Alps and Pyrenees and the beaches of the Atlantic and Mediterranean coasts", which are accessible by train.
Last year, Bank of America signed a new lease on a 100,000 square foot office in Paris, which it references in its brochure. The space is currently being refurbished and will be ready for occupation at the start of next year.
Bank of America is not alone in looking to move jobs out of London due to Brexit. The Financial Times reported over the weekend that JPMorgan and BlackRock are poised to announce shifts across the channel as part of Brexit preparations.
Banks are increasingly concerned about the chance of a so-called "hard Brexit." Once seen as highly unlikely, many senior figures in the City now worry that there is a realistic chance of Britain crashing out of the EU without a deal on the future relationship between the two. Executives are executing back up plans to ensure their businesses are not locked out of the EU after the official Brexit date next March.