Wells Fargo applies for investment firm licence in France
The application is part of its Brexit strategy to shift some of its servicing of European mainland customers out of London
Bengaluru —Wells Fargo said on Tuesday it had applied for an investment firm license in France as part of a Brexit strategy to shift some of its servicing of European mainland customers out of London. The San Francisco-based bank, whose purchase of a high-profile location near the Bank of England two years ago was seen as a vote of confidence in the Brexit process, said it would continue to service UK and non-EU clients from London. The company said a new subsidiary based in Paris would provide capital markets and investment banking services for European and international customers who require access to the EU and the European Economic Area. The company gave no indication whether the move would lead to job cuts in London or how many it would employ in Paris. A spokesperson said the company employs about 1,000 people at its London office. Brexit on the horizon “With Brexit on the horizon, Wells Fargo is committed to providing a transition, which is as seamless as possible, for its ma...
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