Bank of America Corp. has picked Dublin to locate its main European Union hub in preparation for Britain quitting the bloc in 2019, the latest global bank to finalize its contingency arrangements after Brexit.
The bank will move some roles from London to the Irish capital and other cities across the EU, it said in a statement Friday. Bank of America already has a fully licensed operation in Dublin, and employs more than 700 people in the country. [...]
"While we await further clarity around the Brexit negotiations, we are making all necessary preparations to serve our clients however those discussions conclude,” Brian Moynihan, Bank of America’s chief executive officer said in the statement.
Executives are debating whether to locate Bank of America’s broker-dealer operations in Paris or Frankfurt, rather than Dublin, according to two people with knowledge of the firm’s discussions. The business could be spread across multiple locations, said the people, who declined to be identified because the details of the plan are private.
While Bank of America didn’t publicly disclose which other cities it would move people to, one of the firm’s top executives in Germany said in March that some jobs would probably relocate to Frankfurt, Madrid, Luxembourg and Amsterdam. [...]
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