PARIS (Reuters) - Morgan Stanley (NYSE:MS)'s plan to increase headcount in France by 200 by 2025 would bring its total staff in the country to 500, with the new Paris-based bankers mostly devoted to sales and trading of so-called macro products and stock derivatives.
Macro products usually refer to the trading of fixed income and currency-related securities.
The investment bank follows the path of other U.S. firms such as Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS) and Citigroup (NYSE:C) in building up operations across the European Union in the wake of Britain's exit from the bloc.
That prompted the European Central Bank to push for the relocation of some of the financial institutions' staff to the euro area.
JPMorgan (NYSE:JPM) is at the top of the league in terms of staffing in the French capital with about 900 employees in Paris, while Bank of America has more than 650, Goldman Sachs 380 and Citi 400.
Morgan Stanley's creation of 200 new banking jobs in Paris is one the many investment pledges by foreign companies attending the annual Choose France summit hosted by President Emmanuel Macron, according to the event's press kit.