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Published: Mon, July 24, 2017
Economy | By Melissa Porter

Bank of America to move post-Brexit operations to Dublin

Bank of America to move post-Brexit operations to Dublin

Brian Moynihan said Friday during a visit to Dublin that the bank would add to the 700 staff now employed in the Irish capital, but declined to provide details.

It is the first of the Wall street lenders to announce where it intends to set up camp after the United Kingdom leaves the EU.

In a statement, Moynihan called Dublin the "natural location" for consolidating the bank's legal entities, noting Bank of America already has an Irish-domiciled bank. It employs about 700 people in Dublin and 4,500 in London, and is expected to transfer a small number of jobs from London to Dublin, a person familiar with the matter said.

Moynihan said: "We will move roles not only to Dublin but to other European Union locations, with the focus on how we can best support our clients in these markets". Here is how "Brexit" has affected business so far.

The bank has not specified how many jobs will move to Ireland.

"This announcement.is a strong endorsement of Ireland's attractiveness as a location for investment, and of the government's approach to securing Brexit-related activities", Irish Prime Minister Leo Varadkar said following the announcement and a meeting with Moynihan in Dublin on Friday.

"This is yet another very important signal to the market that financial services companies can come to Ireland and service their European customers with minimum disruption to their business".

The job functions moved to Dublin are likely to reflect the broader operations of the USA corporate and investment bank functions, which are already carried out there. Most lenders from Japan and the U.S. now have their European bases in London, but are expected to shift those operations to continental Europe to maintain an EU presence after Brexit.

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