(Bloomberg) -- JPMorgan Chase & Co. has dismissed around nine workers including traders in its Paris office since November, citing “economic reasons,” according to people familiar with the matter. 

Among the staffers let go were some who came to Paris after Brexit burnished France’s appeal as an attractive financial hub in Europe, two people said, asking not to be identified discussing private information. America’s largest bank, which is led by Jamie Dimon, has now almost 1,000 people in Paris.

A representative for JPMorgan in Europe declined to comment.

America’s largest lender has turned Paris into its continental European trading hub after Emmanuel Macron became president in 2017. The French president attended the opening of the bank’s new premises about four years ago, shaking hands with Dimon. About a year later, Macron presented Dimon with France’s Legion d’Honneur award.

But political turmoil ever since Macron called snap elections last summer has taken off the sheen the country acquired post-Brexit. Increases in corporate taxes in the recent budget are also weighing on investment and hiring in the country, with some businesses rethinking their plans.

Thousands of finance workers have come to Paris post-Brexit, according to French government figures, with some benefiting from tax breaks under the so-called “impatriation” regime. Those workers don’t qualify for the same incentives when they jump ship to another French employer. The government also brought in many business-friendly policies, including one in which severance packages for traders leave out variable compensation, such as bonuses. 

The job cuts come amid a record profit the New York-based lender reported in January. Chief Financial Officer Jeremy Barnum said at the time that one of the biggest issues he faced was the “high-class” dilemma of what to do with all the excess capital the bank was generating. 

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