Bank of America picks Dublin for European Union hub

Posted July 22, 2017

US bank Citigroup said on Thursday that it may need to create 150 new jobs in the European Union to deal with the impact of Britain leaving the bloc, as it confirmed it would headquarter its EU trading operations in Frankfurt.

BofA chief executive Brian Moynihan said the build-up in the Irish capital would come from a combination of new hires and staff moves from its London offices.

The American bank, which employs 6,500 people in the United Kingdom, already has 700 staff in the Irish capital and now looks likely to relocate more employees to Dublin as Brexit approaches.

The Irish workforce at Bank of America's operations, based between Leopardstown and Hatch Street, is now in the process of growing from 600 to 700 people, but it is not yet clear what figure this number will grow to.

An internal memo sent to staff said Citi is expecting to ramp up a number of divisions including private banking, corporate and investment banking and capital markets by increasing its footprint in other European Union financial hubs including Amsterdam, Dublin, Luxembourg, Madrid and Paris.

Earlier this week, Andrew Bailey, chief executive of City regulator the Financial Conduct Authority, said financial firms were getting near to the point where they would have to take steps to move staff and other measures to ensure they can continue to operate seamlessly once the United Kingdom leaves the EU.

A spokesman for Morgan Stanley declined to comment.

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

JPMorgan CEO Jamie Dimon said on July 11 that his bank would probably use Frankfurt as the legal domicile of its European operations after Brexit, but that jobs may be put elsewhere as well.