Reports claim JPMorgan Chase is considering Dublin office for 1,000 staff

31 Mar 2017

JPMorgan Chase sign. Image: Jonathan Weiss/Shutterstock

In the wake of Brexit, financial giant JPMorgan Chase is reportedly considering a major move to a Dublin office for as many as 1,000 staff.

The Brexit effect is being felt by UK companies, which are looking to the rest of Europe as a potential safe harbour within the single market.

As recently as yesterday (30 March), UK intellectual property and patent firm Keltie revealed it was opening an office in Galway to keep within the confines of the EU.

It now appears that financial giant JPMorgan Chase is also eyeing at least a partial move to Dublin, where it could employ around 1,000 staff members.

According to Bloomberg, sources have revealed that the company has begun talks to buy office space in the Irish capital, but has not committed to anything as of yet.

The deal would see JP Morgan Chase potentially move into one of the joint NAMA and Kennedy-Wilson Holdings properties, specifically the 12,000 sq m building at 200 Capital Dock, currently being developed at Dublin’s Silicon Docks.

In response to these claims, JPMorgan Chase said in a statement: “Other options are still very much on the table.

“We want to see how negotiations progress. No final decisions have been made.”

London preparing for fallout

Even before recent action undertaken by British prime minister Theresa May to enact Article 50, London’s financial scene was already preparing for the effects on many businesses in the capital.

Just one month after the referendum, a jobs report saw a 27pc year-on-year drop in professional job vacancies in London.

This was seemingly confirmed by a PwC report that showed Dublin has the potential to be the most attractive location out of the major European financial services centres post-Brexit.

“While Ireland and Dublin offer certainty on access to the single market and EU passporting, other factors such as an English-speaking, flexible and highly skilled workforce, a pro-business environment, and a strong and stable legal system are also positives,” the report said.

Prior to the referendum, JPMorgan Chase’s CEO Jamie Dimon warned that as many as 4,000 staff members could leave if a ‘no’ vote was passed.

JPMorgan Chase sign. Image: Jonathan Weiss/Shutterstock

Colm Gorey was a senior journalist with Silicon Republic