Published: Sun, July 23, 2017
Economy | By Melissa Porter

Jobs Coming To The City

Jobs Coming To The City

Bank of America announced Friday that Dublin will be the new base for its European Union operations following Britain's decision a year ago to split from the EU.

About 200 United Kingdom jobs could be relocated, affecting staff across the bank's operations.

Earlier this week, Morgan Stanley and Citigroup Inc, two other big USA banks, signaled they would choose Frankfurt as a new hub following Brexit, which is expected to take effect in 2019.

Investment banks including Barclays, Morgan Stanley and Citigroup have revealed in the past week that they plan to expand their Irish operations as they prepare for the United Kingdom to leave the European Union in March 2019. "In all cases, London will remain both our EMEA headquarters and an important global hub for Citi", Mr Cowles said, according to the internal memo seen by the Press Association.

The source said: "Come 2019, we might not be able to service [EU] business out of London". We do know that we're going to have to have entities in place within the single [European] market.

A spokesman for Morgan Stanley declined to comment.

Varadkar has met a number of bank bosses this month, including Jes Staley of Barclays and Jamie Dimon of JP Morgan Chase, the U.S. bank that has bought a new office in Dublin's docklands area that can house up to 1,000 staff.

But Bank of America's CEO Brian Moynihan told the Financial Times that it would definitely have more people than the 700 it has today in Ireland.

Firms were not moving their business yet, he said, but they were talking "more in terms of getting there".

The announcement follows news this week that Wall Street's Citigroup Inc.

Office buildings, including the Dublin convention centre, left, and the Pricewaterhouse Coopers International building, center, stand on the River Liffey in Dublin. Plans are also underway to set up an European Union trading operation, or broker-dealer, here, subject to approval from the Central Bank. HSBC has warned it could move 1,000 staff from London to Paris.

"But inevitably roles will need to be either moved or at least added in Frankfurt", he said.

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