Bank of America picks Dublin for European Union base following Brexit

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Bank of America's CEO Brian Moynihan told Financial Times today that the new headquarters will be adding to the 700 jobs that the bank already employs here, between their city centre and Leopardstown offices already in the city.

Brian Moynihan, chairman and CEO of Bank of America said: "Dublin is the home of more of our employees than any other European city outside of the UK".

An internal memo sent to staff said Citi is expecting to ramp up a number of divisions including private banking, corporate and investment banking and capital markets by increasing its footprint in other European Union financial hubs including Amsterdam, Dublin, Luxembourg, Madrid and Paris.

"Bank of America has a long-standing commitment to Ireland and I look forward to this relationship growing and deepening in the years ahead".

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".

In the past week, a number of City firms have publicised their intentions, including U.S. banks Morgan Stanley and Citi, as well as Deutsche Bank of Germany.

Savills expects prime central London property values to stagnate this year and next before increasing by 8 per cent in 2019. We do know that we're going to have to have entities in place within the single market.

Although Cryan said Deutsche Bank will not need to set up a new subsidiary on the continent, he said it is likely Brexit will impact the group "significantly?, the paper reported".

Bank of America now has 700 staff in Dublin and 6,500 in the United Kingdom, of which 4,500 are based in London.

"But inevitably roles will need to be either moved or at least added in Frankfurt", he said.

Citi now employs around 9,000 staff in the United Kingdom, 6,000 of whom are based in the City of London.

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