Bank of America chooses Dublin as location for its European Union hub

Tammy Harvey
July 22, 2017

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

Brian Moynihan, chairman and chief executive of Bank of America, said: "Dublin is the home of more of our employees than any other European city outside of the UK".

It says this, combined with Ireland's strong commitment to business and economic growth, makes Dublin "the natural location".

In an interview with the Irish Times, group chief executive Brian Moynihan outlined that the current most important European Union banking unit, based in London, is to merge with the existing Irish subsidiary.

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.

Mr Moynihan said the bank is making all necessary preparations to serve their clients however those discussions "while we await further clarity around the Brexit negotiations".

The bank has operations in more than 35 countries throughout Europe, the Middle East and Africa, Asia Pacific and the Americas.

Commenting on Citi's announcement CEO IDA Ireland, Martin Shanahan said "This announcement is very positive for Dublin and follows a number of recent investment decisions made by some of the world's leading global financial institutions".

EY's Brexit Tracker, released the first week of July, showed that 18 financial services firms had mentioned Frankfurt or Germany in their post-Brexit contingency plans. "At that point the transition period doesn't really help - so the sooner we know. that's obviously helpful to us", Gnodde said.

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