Advertisement

Bank of America moving London positions to Dublin over Brexit

By
Sam Howard
Bank of America has announced that it intends to move some of its London positions to Dublin once Britain leaves the European Union. File Photo by Alexis C. Glenn/UPI
Bank of America has announced that it intends to move some of its London positions to Dublin once Britain leaves the European Union. File Photo by Alexis C. Glenn/UPI | License Photo

July 21 (UPI) -- Bank of America has become the latest American bank to disclose how it will retreat from London over Britain's impending departure from the European Union.

The Charlotte, N.C.,-based bank plans to move its EU hub to Dublin, Ireland.

Advertisement

The bank joins Citigroup and Morgan Stanley, which both intend to shift their EU operations to Frankfurt, Germany, as the most recent U.S. bank to decide on where it will do business on the continent once Britain and the EU finalize the Brexit, BBC reported.

Bank of America has 6,500 employees in Britain and 700 in Dublin. Its CEO, Brian Moynihan, wouldn't say how the move would affect those figures, The Guardian reported.

Ireland's Prime Minister Leo Varadkar called the move "a strong endorsement of Ireland's attractiveness as a location for investment."

Latest Headlines