Bank of America will relocate some staff to Dublin post-Brexit.
The company employs 6,500 people in the UK and has offices at 5, Canada Square in Canary Wharf.
It already has 700 staff in the Irish capital but now looks likely to relocate more there, reports The Guardian .
Bank of America chief executive Brian Moynihan was in Dublin for the landmark announcement, which was made after a meeting with taoiseach Leo Varadkar, who is keen to capitalise on the fallout from London after the vote for Brexit.
Varadkar has met a number of bank bosses this month, including Jes Staley of Barclays and Jamie Dimon of US bank JP Morgan Chase, which bought office space in Dublin’s docklands area big enough for 1,000 staff.
Bank of America have not revealed how many of its UK-based staff would be affected by the decision to use Dublin for its EU legal entities.
“We will move roles not only to Dublin but to other EU locations ... While we await further clarity around the Brexit negotiations, we are making all necessary preparations to serve our clients however those discussions conclude,” said Moynihan.
The announcement came days after hundreds of financial firms had to submit their plans to cope with “a hard Brexit” to the Bank of England.
Financial Conduct Authority chief executive Andrew Bailey said last week financial firms were getting close to the point where they would have to take steps to move staff and other measures to ensure they can continue to operate seamlessly once the UK leaves the EU.
Fellow Canary Wharf based bank Citi will increase its presence in Frankfurt to allow its sales and trading activities to continue across the EU should the UK lose its passporting rights.
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