Bank of America to move some City of London roles to Dublin post-Brexit

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 UK to clinch a transitional deal before it leaves the 28-nation bloc in 2019. The American bank, which employs 6,500 people in the UK, already has 700 staff in the Irish capital and now looks likely to relocate more employees to Dublin as Brexit approaches. Brian Moynihan, chief executive of Bank of America, was in Dublin for the landmark announcement, which was made after a meeting with taoiseach Leo Varadkar, who is keen to capitalise on the fallout from the City after the vote for Brexit. Varadkar has met a number of bank bosses this month, including Jes Staley of Barclays and Jamie Dimon of JP Morgan Chase, the US bank that has bought a new office in Dublin’s docklands area that can house up to 1,000 staff. Bank of America refused to say how many of its UK-based staff would be affected by the decision to use Dublin for its EU legal entities, which was announced just days after hundreds of financial firms had to submit their plans… Read full this story

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