Bank of America has joined several other major banks in announcing it is relocating it’s EU base to Dublin because of Brexit.
Bank of America currently employs 6,500 people in the UK and 700 staff in Dublin – and now looks likely to relocate more employees to Dublin as Brexit approaches.
Bank of America, which has operated in Ireland since 1968, also plans to move jobs to other locations where it operates in Europe, depending on the outcome of the negotiations on Britain’s withdrawal.
It might not mean new jobs at the bank – but the knock on effect of more banking staff moving to Dublin should have a positive effect on jobs in the retail , hospitality and related areas. On the negative side – it could also help keep rental charges and house prices high.
Other banks with large UK operations that are also expected to move some staff to Dublin include : – JP Morgan , Merril Lynch and Goldman Sachs Citigroup and Barclays .
Insurers, including Legal & General and Standard Life, are also talking about moving staff to Dublin,