Bank of America (BofA) has chosen Dublin as its main EU base after Brexit for investment banking and markets operations.
BofA chief executive Brian Moynihan said the build-up in the Irish capital would come from a combination of new hires and staff moves from its London offices.
Dublin is the “natural location to consolidate our legal entities as we transition”, Moynihan said, noting the bank already has a fully licenced Irish-domiciled bank and almost 50 years of operation in the city.
Jobs for Bank of America Merrill Lynch are likely to move from London to Dublin as well as other EU countries after Brexit.
There are currently around 700 staff in Dublin, with 8,000 across the Europe, Middle East and Asia regions.
Moynihan said: “We will move roles not only to Dublin but to other EU locations, with the focus on how we can best support our clients in these markets.”
The job functions moved to Dublin are likely to reflect the broader operations of the US corporate and investment bank functions, which are already carried out there.
The BofA chief, who today met Irish Taoiseach Leo Varadkar, hailed “Ireland's strong commitment to business and economic growth” and noted that Dublin already holds more of the bank’s staff than any other EU country outside of the UK.
Dublin has been slated as a major contender to take business away from London after Brexit, along with other financial centres such as Paris, Amsterdam, and Frankfurt.
The latter has taken an early lead, with Citigroup and Deutsche Bank both saying in the last week they will move their main EU base to the German financial capital. Frankfurt-based lobbyists say nine banks have already committed to the city, with as many as 20 to decide to move some operations there by the end of the year.
However, British bank Barclays has plumped for an expansion in Dublin as well, after meeting Varadkar last week.