French President Emmanuel Macron unveiled a new JPMorgan trading hub in Paris on Tuesday, as France seeks to create more jobs in the banking sector and attract workers from the financial sector who want to leave London after Brexit.

Banks will spend billions of dollars to strengthen their EU operations after Brexit and avoid disruption in some areas of their business.

Macron, who was accompanied by JPMorgan Chief Executive Jamie Dimon, visited the US bank’s trading base in central Paris, where European stocks are traded. The bank plans to hire 800 people in Paris by 2022, including some at its current location nearby.

About 265 of those jobs were already in France before Britain left the EU, including in advisory roles, and they will hire 440 by the end of the year in sales and trading, some of whom will move from London. The bank also plans to hire local staff, the statement said.

Former banker Macron, who came to power in 2017 thanks to pro-business reforms and attracting foreign investment, is expected to face a new presidential election in 2022.

Recent local elections have been inconclusive, with Macron’s party failing to win regionally.

JPMorgan also has large centres in Amsterdam, Dublin and Frankfurt and maintains a powerful presence in London, although some jobs are being moved. The bank employs around 19,000 people in the UK, with over 10,000 in London alone.

However, Paris remains at the forefront of efforts to move the clearing of euro derivatives from London to the EU. This followed the “big bang” of financial market liberalisation in the UK in the 1980s, which led to the relocation of firms and staff to the EU’s financial capitals.

JPMorgan will locate its new business centre in Paris in a seven-storey building just a stone’s throw from the Louvre Museum.