Barclays is set to bolster its Paris shopping center with bigger offices

Barclays is to move to a new, larger office in Paris as major banks increasingly develop their trading functions in the French capital after Brexit.

The UK lender has signed a 12-year lease for a new French headquarters at 52 Avenue Hoche in Paris and will occupy the new space in 2024, it said in a statement.

The 11,500 sq m space is set to be remodeled to accommodate Barclays’ sales and trading business in Paris, which is expanding following the UK’s departure from the European Union. It will include a gym, restaurant, meeting center, auditorium and landscaped spaces, the bank said.

Francesco Ceccato, CEO of Barclays Europe, said: “This is an important moment for Barclays in France. Signing this lease demonstrates our ambition to accelerate our growth in Paris.”

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Barclays’ post-Brexit EU headquarters are in Dublin, but Paris has quickly become the preferred location for banks to roll out new trading floors.

The French capital is considered an easier sell for London-based staff to relocate to and has a greater depth of commercial talent than other locations, bankers have told Financial News.

JPMorgan unveiled its new Paris business center in June last year, with plans to almost double the number of employees at the office to 800 by the end of this year.

Goldman Sachs intends to add another 50 sales and trading staff to its new French office at 83 avenue de Marceau by the end of 2023, while Morgan Stanley and Bank of America have also been hiring in the French capital .

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About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!