By Lawrence White
"We began the relocation of roles to our new Paris office this week. This is a critical milestone in the development of our EU business and our Brexit preparations", Chief Operating Officer Tom Montag told employees in a memo.
Bank of America's announcement is the latest among a series of such moves by international banks as they seek to ensure they can continue serving clients in Europe after Britain leaves the EU on March 29.
Although the outcome and timing of Brexit remain clouded by political uncertainty, in the worst-case scenario financial firms will lose the ability to serve EU clients from London and banks are shifting staff and assets to the continent to prepare.
(Reporting by Lawrence White; editing by Jason Neely and Emelia Sithole-Matarise)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)