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.

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