Brian Moynihan, CEO, Bank of America
Bank of America Merrill Lynch confirmed today that Dublin will be the location for its EU hub
Bank of America today joined the growing number of international financial institutions – including Barclays, Citigroup and Morgan Stanley – to increase their footprint in Dublin following the UK’s decision to leave the EU. Bank of America has confirmed Dublin as the location of choice for their EU hub.
In an interview with the Irish Times, group chief executive Brian Moynihan outlined that the current most important EU banking unit, based in London, is to merge with the existing Irish subsidiary. Plans are also underway to set up an EU trading operation, or broker-dealer, here, subject to approval from the Central Bank.
The Irish workforce at Bank of America’s operations, based between Leopardstown and Hatch Street, is currently in the process of growing from 600 to 700 people, but it is not yet clear what figure this number will grow to.
Commenting on the decision, Alexander Wilmot-Sitwell, president for the group’s Europe, Middle East and Africa operations, said: “Until the final outcome of the political negotiations has been reached, none of us will know how we will operate in the future. We do know that we’re going to have to have entities in place within the single market. But a hub starts attracting other things into it… creating a magnetic influence on the business.”