Bank of America picks Dublin as post-Brexit hub

New York - Bank of America announced Friday that it will move its hub for EU business to Dublin from London following Brexit.

The Irish capital will be "the preferred location for (the bank's) principal EU legal entities following the UK's departure from the EU," BofA said in a statement.

"Bank of America has operated in Ireland and engaged in the local community for almost 50 years," chief executive Brian Moynihan said.

BofA, the second biggest US bank by assets, did not specify the employment impact of the decision.

The bank currently employs about 700 people in Dublin and 4 500 in London, and is expected to transfer a small number of jobs from London to Dublin, a person familiar with the matter said.

BofA said it also will transfer functions out of London to other EU venues "with the focus on how we can best support our clients in these markets."

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

Meanwhile, JPMorgan Chase has transferred hundreds of jobs to Dublin, but has not announced plans for a permanent headquarters for the EU.

SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

Read Fin24's top stories trending on Twitter:

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
15.57
+1.0%
Rand - Pound
19.66
+0.2%
Rand - Euro
16.71
+0.1%
Rand - Aus dollar
11.15
+0.1%
Rand - Yen
0.12
+0.2%
Gold
1,853.66
0.0%
Silver
22.12
0.0%
Palladium
2,076.50
0.0%
Platinum
956.50
0.0%
Brent Crude
119.43
+1.7%
Top 40
63,883
+1.4%
All Share
70,486
+1.4%
Resource 10
76,948
+0.6%
Industrial 25
76,115
+1.3%
Financial 15
16,257
+2.5%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot