Bank of America picks Dublin as post-Brexit hub
Posted by on Sun, Jul 23 2017 08:55 am
Bank of America announced Friday that it will move its hub for EU business to Dublin from London following Brexit.
The Irish capital will be "the preferred location for (the bank's) principal EU legal entities following the UK's departure from the EU," BofA said in a statement.
"Bank of America has operated in Ireland and engaged in the local community for almost 50 years," chief executive Brian Moynihan said.
BofA, the second biggest US bank by assets, did not specify the employment impact of the decision.
The bank currently employs about 700 people in Dublin and 4,500 in London, and is expected to transfer a small number of jobs from London to Dublin, a person familiar with the matter said.
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