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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.
Bank of America plans to have 200 staff in place ahead of the Brexit deadline on March 29, with a further 200 to follow over the months following the U.K.’s scheduled withdrawal from the EU, the person said. The Charlotte, North Carolina-based bank employs more than 4,000 people in London.
While most of the extra staff in Paris and Frankfurt will be relocating from London, additional workers will also come from other offices, including New York, as well as some local hires to fill roles no longer performed in London or required to support the bank’s growing EU operations. [...]