Almost every day his announcement of relocation of bank post-Brexit. This Friday, it is in the context of a visit to Dublin, the president and CEO of Bank of America, Brian Moynihan, himself of irish descent, was announced in the First minister Leo Varadkar that the banking giant had chosen the capital city as “a privileged place for its main legal entities in the EU after the exit of the United Kingdom” of the european Union. This is the first giant of Wall Street to do so.
“Bank of America operates in Ireland and is engaged in the community for nearly 50 years. […]
Dublin hosts a large number of our employees than any other european city outside the Uk. We already have an operational bank with a full licence, domiciled in Ireland, which, added to the strong commitment of the country in favour of businesses and economic growth, made Dublin the natural destination to strengthen our legal entities in the transition, ” he said, according to a press release sent to the press.
It has, however, assured the Financial Times that the rate of corporation tax, 12.5% only in Ireland, ” was not really in consideration. “
Dublin, but not that !
However, Brian Moynihan has not specified the number of jobs that may come to enlarge the teams current Bank of America in Dublin, namely 700 people. The second u.s. bank by assets, parent company of Merrill Lynch (acquired at the edge of bankruptcy after the subprime crisis) and US Trust, will not, in addition, to concentrate all of its european teams in Ireland. Brian Moynihan has added
“We’re not going to transfer positions only in Dublin but in other parts of the EU, with a concern to better serve our customers in these markets. “
In his interview to the Financial Times, he cited Madrid, Milan, Frankfurt, Paris and Amsterdam as the other settlements potential.
This is finally a scenario close to the plan of JP Morgan Chase, the first american bank, whose CEO, Jamie Dimon, is considering setting up the legal entity primary transferring teams in several major european cities, close to customers, big companies and big fortunes. Paris, with its heavy weight in the CAC 40, the issuers of debt obligations, the initiators of mergers and acquisitions, might as well pick it up at the margin a few relocations, post-Brexit, more than that of HSBC (approximately 1,000 jobs) and those of the French banks (a thousand also), announced this on Friday also.