LONDON – Bank of America has chosen Dublin as its European Union base once Britain leaves the bloc, its CEO said Friday.
During a visit to the Irish capital, Brian Moynihan said the bank would add to the 700 staff currently employed there, but declined to provide details. Bank of America has about 4,500 staff in London.
Many international banks currently use London as a base for business across the 28-country EU. When Britain leaves the bloc in about two years, they could lose automatic rights to do business in the remaining 27 EU countries if they don’t set up a base there.
So far, several major banks have opted for Dublin and Frankfurt, Germany, to be ready to service clients across Europe, no matter what outcome the Brexit talks yield.
“Dublin is the home of more of our employees than any other European city outside of the U.K.,” Moynihan said Friday. “We will move roles not only to Dublin but to other EU locations, with the focus on how we can best support our clients in these markets.”