Wednesday, 20 February, 2019

Bank of America picks post Brexit EU base

John Cryan chief executive officer of Deutsche Bank John Cryan chief executive officer of Deutsche Bank Getty Images
Nellie Chapman | 22 July, 2017, 00:53

Bank of America has become the latest high-profile City firm to reveal its post-Brexit EU hub, selecting Dublin as the location for some of its activities, amid fresh calls for the United Kingdom to clinch a transitional deal before it leaves the 28-nation bloc in 2019.

"While we will be moving forward with Frankfurt as the headquarters of our European Union broker-dealer, we will, of course, continue to monitor future political, legal and regulatory developments that may affect our decisions", Mr Cowles added.

The company also has a fully licenced and operational Irish-domiciled bank.

Brian Moynihan, CEO of the Charlotte-based bank, made the announcement during a trip to the Irish capital city.

An Taoiseach Leo Varadkar, who met Mr Moynihan, has welcomed the announcement.

Bank of America has 6,500 employees in Britain and 700 in Dublin.

He said the announcement was "a strong endorsement of Ireland's attractiveness as a location for investment".

Tánaiste Frances Fitzgerald said this move was "another vote of confidence in Ireland". We do know that we're going to have to have entities in place within the single market.

"As the only English speaking, common-law jurisdiction in the Eurozone, Ireland is well positioned to provide certainty to companies servicing the European market in a post-Brexit world".

Tánaiste and Minister for Enterprise and Innovation, Frances Fitzgerald TD said that this is another vote of confidence in Ireland and its expanding worldwide financial services sector.

The bank could add roughly 150 new staff in the bloc depending on political developments, it confirmed today in a memo that was sent to staff by Jim Cowles, Citi's chief executive for Europe, the Middle East and Africa.