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

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

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

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.

It is the first U.S. bank to confirm the Irish capital as its preferred site.

The news comes after Andrew Bailey, the chief executive of the Financial Conduct Authority, said on Tuesday that City firms were getting near to the point where they would have to take steps to move staff and other measures to ensure they could continue to operate seamlessly once the United Kingdom left the European Union in March 2019. Morgan Stanley also has settled on Frankfurt for its European trading headquarters, sources said, and Citigroup is weighing a similar move.

"Bank of America has operated in Ireland and engaged in the local community for nearly 50 years", said Brian Moynihan, Chairman and CEO of Bank of America.

"We already have a fully licensed and operational Irish domiciled bank which combined with Ireland's strong commitment to business and economic growth makes Dublin the natural location to consolidate our legal entities as we transition".

He added: "While we await further clarity around the Brexit negotiations, we are making all necessary preparations to serve our clients however those discussions conclude".

Last week, Barclays said it was talking to regulators in Dublin to discuss expansion, while JP Morgan has also been discussing plans with regulators in the Irish capital.

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