Bank of America has officially completed the moving of its European banking and markets operations to a new base in Dublin from London.
As the debate over the recent Brexit deal announced by UK prime minister Theresa May’s government rolls on, Bank of America has taken the final steps in its migration from London to Ireland’s capital.
According to Reuters, the company announced the move on 3 December after it obtained the legal and regulatory approvals needed to move its banking and markets operations across to Dublin.
A longstanding plan
The company had set plans in motion last year to merge Bank of America Merrill Lynch International, based in London, to its Irish entity located in Dublin.
Chair of Bank of America Merrill Lynch Europe, Anne Finucane, said: “We are pleased to have worked closely and constructively with our regulators to complete this critical component of our Brexit preparations exactly on schedule and well ahead of the earliest possible date of the UK’s exit from the EU.”
Brexit strategy occupying many businesses
In October of this year, the Central Bank of Ireland stated it was processing more than 100 Brexit-linked applications from firms across sectors such as payments, banking and insurance. As the sands of time run low for implementation of Brexit plans in the UK, the bank said it expects more applications.
According to a report in The Irish Times, up to 100 staff are set to make the move from London to Dublin ahead of the Brexit deadline. The workforce will be split between its offices in Leopardstown and Hatch Street in the city centre. The bulk of the transferred jobs relate to control and support roles within the bank, including compliance and risk. The institution now employs more than 800 people in Dublin.
The main trading arm of Bank of America will relocate to Paris early in 2019. The outcome of the UK’s negotiation with the EU may see some more jobs going to Ireland, Germany and other undecided locations. Other investment banks such as Barclays, Morgan Stanley and Citigroup have stated that they have plans to expand their operations in Ireland as a result of the UK’s planned exit from the EU.
A Bank of America building in Los Angeles, California. Image: wolterke/Depositphotos