Economy

Bank of America moving London positions to Dublin over Brexit

Bank of America moving London positions to Dublin over Brexit

Bank Of America will be moving their EU HQ to Dublin post Brexit.

It is the first USA bank to confirm the Irish capital as its preferred site.

U.S. investment bank Morgan Stanley is the latest multinational financial firm to choose Frankfurt as a new post-Brexit European hub, according to several reports.

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.

Details of banks' Brexit arrangements are starting to emerge following a July 14 deadline for them to submit details of their contingency plans to the Bank of England.

Bank of America has operated in Ireland and engaged in the local community for nearly 50 years, Brian Moynihan, Chairman and CEO of Bank of America, said on Friday following the announcement.

It comes as City institutions debate the steps they will need to take to continue sales and trading activities across Europe if they lose "passporting rights", which allow UK-based banks to operate in European Union countries without the need for extra regulatory approval.

In a statement, Moynihan called Dublin the "natural location" for consolidating the bank's legal entities, noting Bank of America already has an Irish-domiciled bank.

LONDON • Deutsche Bank is preparing for a hard Brexit and will probably book the "vast majority" of its assets in Frankfurt, chief executive officer John Cryan told employees in a videotaped message.

This is in addition to the likes of Citibank, Barclays and Morgan Stanley, who have all announced this week that they plan to expand upon their Irish operations post-Brexit.

He said the announcement was "a strong endorsement of Ireland's attractiveness as a location for investment".