Citigroup, which has its European headquarters in London, said this week that it would open a second trading hub in Frankfurt, where it has had operations for many years. Citigroup also has a large banking operation in Dublin.
How ‘Brexit’ Could Change Business in Britain
Britain has started the clock on leaving the European Union, and will be out of the bloc by March 2019. Here is how “Brexit” has affected business so far.
Brian T. Moynihan, the Bank of America chairman and chief executive, said in a news release that Dublin was the home of more of the lender’s employees than any other European city outside of Britain.
“We already have a fully licensed and operational Irish-domiciled bank, which, combined with Ireland’s strong commitment to business and economic growth, makes Dublin the natural location to consolidate our legal entities as we transition,” the statement said.
Bank of America, which has operated in Ireland since 1968, plans to move jobs not only to Dublin, but also to other locations where it operates in Europe, depending on the outcome of the negotiations on Britain’s withdrawal. The bank currently has about 700 employees in Ireland.
Although Bank of America would be consolidating its legal entities for the European Union in Dublin, London would remain the lender’s headquarters for Europe, the Middle East and Africa.
Dublin has been locked in competition with Frankfurt, Luxembourg and Paris to lure financial firms making contingency plans.
While Frankfurt and Paris in particular have made aggressive sales pitches to business leaders, hoping to attract tens of thousands of workers, Ireland has made some inroads: The British lender Barclays said last week that it was in talks with regulators there to expand the license of its Irish subsidiary.
