Bank of America Corp (BofA) on Friday announced that it is to 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 officer Brian Moynihan said.
BofA, the second-biggest US bank by assets, did not specify the decision’s affect on employment. It 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.
The bank said it is to also 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 Inc, two other big US banks, signaled they would choose Frankfurt as a new hub following Brexit, which is expected to take effect in 2019.
JPMorgan Chase & Co has transferred hundreds of jobs to Dublin, but has not announced plans for a permanent EU headquarters.
Goldman Sachs Group Inc has not formally announced any similar plans, but CEO Lloyd Blankfein has previously said he would like to see an implementation period of at least “a couple of years” once the British exit deal is agreed.
He has said the bank has “contingency plans” to move people depending on the outcome of the negotiations.
Meanwhile, British Chancellor of the Exchequer Philip Hammond told the Goldman board that he was pushing for a lengthy transition period after Brexit, a source familiar with the talks said.
The source said Hammond made a presentation to Goldman’s board on June 29 when Blankfein was in London for its annual meeting.
The source confirmed an earlier Sky News report that said Hammond had offered private reassurances that he wanted a long transition period to help banks prepare for Brexit and ease concerns of a “cliff-edge” exit from the bloc.
The Sky report said Hammond did not offer Goldman assurances above or beyond his public attempts to reassure the business community that the government was aware of its concerns.
Additional reporting by Reuters
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