Bank of America chooses Dublin as its European Union hub post-Brexit

Morgan Stanley and Northern Trust reveal Brexit moves

Bank of America today joined the growing number of worldwide financial institutions - including Barclays, Citigroup and Morgan Stanley - to increase their footprint in Dublin following the UK's decision to leave the EU.

It is the first United States bank to confirm the Irish capital as its preferred site.

Earlier this week, Andrew Bailey, chief executive of City regulator the Financial Conduct Authority, said financial firms were getting near to the point where they would have to take steps to move staff and other measures to ensure they can continue to operate seamlessly once the United Kingdom leaves the EU.

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Morgan Stanley will apply for a licence with German regulators to allow it to continue trading within the European Union, with around 200 jobs in the United Kingdom at risk due to the move, according to the reports.

"Dublin is the home of more of our employees than any other European city outside of".

In a statement, Moynihan called Dublin the "natural location" for consolidating the bank's legal entities, noting Bank of America already has an Irish-domiciled bank.

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Mr Moynihan said the bank is making all necessary preparations to serve their clients however those discussions "while we await further clarity around the Brexit negotiations".

This is in addition to the likes of Citibank, Barclays and Morgan Stanley, who have all announced this week that they plan to expand upon their Irish operations post-Brexit.

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

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Commenting on Citi's announcement CEO IDA Ireland, Martin Shanahan said "This announcement is very positive for Dublin and follows a number of recent investment decisions made by some of the world's leading global financial institutions".


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