Bank of America chooses Dublin as post-Brexit EU hub

Bank of America picks Dublin as post Brexit hub

Banks have indicated that while they may pick one European Union centre to be their main regional subsidiary in the bloc, they are likely to spread their operations across several countries.

Welcoming the announcement, Taoiseach Leo Varadkar said that Bank of America has a long-standing commitment to Ireland.

Deutsche Bank chief executive John Cryan, meanwhile, said in a videotaped message to the German lender's staff earlier this month that it plans to book the "vast majority" of its trades in Frankfurt in expectation of a hard Brexit, adding that "inevitably roles will need to be either moved or at least added in Frankfurt". It emerged yesterday that Morgan Stanley had also given the city the nod and could shift around 200 jobs from the UK. "We need to establish a second main hub to London in Europe".

It is the first of the Wall street lenders to announce where it intends to set up camp after the United Kingdom leaves the EU.

EY's Brexit Tracker, released the first week of July, showed that 18 financial services firms had mentioned Frankfurt or Germany in their post-Brexit contingency plans.

The sixth-largest U.S. bank by assets reported an 11% rise in second-quarter profit, generating more revenue from giving corporations advice, underwriting securities, trading equities and managing customers' money.

Morgan Stanley has chosen Frankfurt to be the new base for its European Union operations as Britain prepares to leave the bloc, according to a source familiar with the matter, becoming the latest USA bank to pick the German city. The $1.3bn (£998m) in revenue from that business toppedthe CEO James Gorman's $1bn quarterly target and beat Goldman's $1.2bn.

Related News:

  • Aaron Carter slams brother Backstreet Boys star Nick after DUI arrest

    Aaron Carter slams brother Backstreet Boys star Nick after DUI arrest

    When I was 19 years old, I got an endoscopy done in Tennessee and I was diagnosed with a Hiatal Hernia. He continued: " Aaron holds a medical license for medical marijuana for his long standing anxiety ".

    Helmerich & Payne, Inc. (NYSE:HP) Shares Sold by Kidder Stephen W

    Analysts are expecting EPS growth rates to be at -113.20% this quarter and EPS estimate for next year reflect 97.00% growth rate. The investment managers in our partner's database now own: 107.48 million shares, down from 116.04 million shares in 2016Q3.
    Qatar Petroleum, Total launch new venture for oil field

    Qatar Petroleum, Total launch new venture for oil field

    There will be no disruption in output and deliveries of crude during the transition to Total as the field's operator, he said. The joint venture, named the North Oil Company, was formally inaugurated Tuesday in Qatar's capital, Doha.
  • OJ Simpson has been granted release from prison

    OJ Simpson has been granted release from prison

    Simpson is serving a nine to 33 year prison term for a 2007 armed robbery and kidnapping conviction. I said, 'Of course I would like to get the property'. "I've missed a lot of time with those kids".
    Apple Contractors Gang Up On Qualcomm, File Antitrust Complaint

    Apple Contractors Gang Up On Qualcomm, File Antitrust Complaint

    Qualcomm's shares were up 53 cents at $56.82 in late day trading Wednesday on the Nasdaq exchange. Qualcomm countersued Apple in May for its retaliatory withholding of license payments.
    Jose Mourinho in the dark over pursuit of Inter winger Ivan Perisic

    Jose Mourinho in the dark over pursuit of Inter winger Ivan Perisic

    United are keen to wrap up a deal so Perisic does not have to travel and are said to be increasingly hopeful of finalising terms. However, the 28-year-old Croatian worldwide is keen to leave San Siro and posted a cryptic message on Instagram on Monday.
  • Lexington Realty Trust (NYSE:LXP) Institutional Investor Sentiment

    It worsened, as 90 investors sold BIIB shares while 341 reduced holdings. 31 funds opened positions while 88 raised stakes. Security Capital Research & Management Inc decreased Vornado Rlty Tr (VNO) stake by 1.07% reported in 2016Q4 SEC filing.
    GOP senator targets consumer bureau arbitration rule for repeal

    GOP senator targets consumer bureau arbitration rule for repeal

    In the buildup to its proposal, the CFPB completed a congressionally mandated study on the use of mandatory arbitration clauses. But that will not stop many institutions from having to rewrite their policies to comply with the new 750-page rule.
    Trump says it's time for constructive work with Russia

    Trump says it's time for constructive work with Russia

    Allegations of the Trump campaign's ties to Russian Federation have cast a shadow over Donald Trump's first five months in office. Leaders will " most likely" hold talks by phone this month, which will be followed by a summit, Poroshenko said.
  • Mike Williams may need season-ending surgery

    Mike Williams may need season-ending surgery

    Williams is now dealing with a herniated disk in his back, getting a second epidural recently in an effort to help his recovery. Williams was diagnosed with a herniated disk after his first practice during rookie minicamp and did not practice again.

    Mets add to Rockies' misery

    LeMahieu (who had four hits, including two doubles, in his first four at-bats) and a three-run home run by Nolan Arenado . LeMahieu singled, Reynolds doubled and Ian Desmond , fresh off the disabled list, poked a two-run single to right.
    Astrazeneca PLC (NYSE:AZN) Experiences Heavier than Usual Trading Volume

    Astrazeneca PLC (NYSE:AZN) Experiences Heavier than Usual Trading Volume

    Intrust Bank Na decreased its stake in Astrazeneca Plc (AZN ) by 30.69% based on its latest 2016Q4 regulatory filing with the SEC. The stock of Oracle Corporation (NYSE:ORCL) has "Outperform" rating given on Friday, September 16 by BMO Capital Markets.


Most liked

Charlie Gard team 'must present new evidence' for treatment in US
The hospital said the treatment would cause suffering and would not help, suggesting that life-support to the baby should stop. Gollop apologized and said, "almost all the medical evidence in this case makes for sad reading", the association reported.

Elon Musk claims he has approval for NYC-DC hyperloop
For some urban context: the recently opened stretch of subway in NY cost $4.5 billion for less than 2 miles of rails. The machine, dubbed Nannie by the city's water utility, had been used to dig a sewage overflow tunnel.

Former PM Blair Calls For "Reformed Europe", Criticizes Current Labour Leadership
Tony Blair says he now accepts Jeremy Corbyn could become prime minister. These talks focus on Britain's arrangements to leave the EU.

Lionel Messi wants Ivan Rakitic to stay at Barcelona at any cost
The 23-year-old cost Barca £30million from Valencia last summer, with a further £17m available in add-ons. Barcelona remain keen on landing Verratti , who has been on their radar for months.

Amazon's next big thing might rival Blue Apron
It can also offer meal kits for in-store pickup, in addition to the kind of delivery subscription Blue Apron offers. The fall in share price value could have additional implications for the unprofitable meal kit-delivery company.

Olympic champions Kipruto and Braz hit trouble at Rabat Diamond League
Miller-Uib coasted home in 49.80, but Semenya was well back in seventh in a time of 51.53, though that was her best run of the Diamond League series.

US Consumer Prices Unchanged In June Amid Falling Energy Prices
Excluding the volatile food and energy categories, prices rose 0.1 percent in June and 1.7 percent from a year earlier. Data from the Labor Department showed that consumer price index was flat in June after edging down by 0.1% in May.

OR receiver Darren Carrington dismissed from the team
The departure comes after Carrington was arrested on July 1 on suspicion of driving while under the influence of intoxicants. The dismissal of Carrington is somewhat of a surprise simply because of how important he was to the offense.

Woman destroys RM857,900 of art in selfie mishap
The video has gone viral upon its release, showing the woman's repeated attempts to catch the best selfie angle. Others wondered wondered why the pedestals weren't more securely attached to the floor.

Sri Lanka elephant rescued from drowning
The elephant - named Alliya Pulmoddai - was returned to shore and handed over to wildlife officials. It took several boats, a team of navy divers, and wildlife officials to rescue the elephant .

Chinese warships set sail for Djibouti
However, the Chinese base will be established in the northern Obock region, eclipsing smaller USA military installations there. China is expanding its presence in East Africa with the addition of military personnel at its base in Djibouti .

US Unconventional Oil, NatGas Development Carrying Global Energy Spend, Says IEA
The IEA is still confident that the global oil and gas upstream investment will come back to growth this year, by about 6 percent. In tandem the global energy system saw $1 billion in investment in battery storage for the first time previous year .

Samsung may launch Galaxy Note 8 on August 23
The financial details of the buyout deal were not disclosed, but Samsung reportedly paid under $43 million for the acquisition. So, if that happens, the Galaxy Note 8 will rule the smartphone market, at least until the next-gen iPhone arrives.

Spider-Man: Homecoming: Marisa Tomei Disappointed Over Cut Scene
The first Spider-Man film to be released into the MCU the film also stars Robert Downey Jr .as Iron Man which seems to have broadened the appeal of the film.

Is Eminem's Ninth Album Really Coming Soon?
Eminem is now putting together his ninth studio album and has teamed up with his mentor on some of the new tracks. That came after he posted a photo with Eminem two weeks ago.