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Bank of America picks post Brexit EU base

Bank of America picks post Brexit EU base

Bank of America now has 700 staff in Dublin and 6,500 in the United Kingdom, of which 4,500 are based in London.

Deutsche Bank AG Chief Executive John Cryan told employees in a videotaped message the group is preparing for a hard Brexit and will probably book the?vast majority? of its assets in Frankfurt, the Independent newspaper reported on Friday.

"Frankfurt is our first choice for headquartering our European Union broker-dealer based on the existing infrastructure, and the people and expertise we already have on the ground", Jim Cowles, the bank's head of Europe, Middle East and Africa (EMEA) said in a memo to staff. "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.

A spokesman for Morgan Stanley declined to comment. Even so, Frankfurt has a long way to go to overtake the London office, which employs 5,000 staff and is expected to remain the investment bank's European headquarters.

"This announcement follows a number of recent announcements by leading global financial institutions and is a strong endorsement of Ireland's attractiveness as a location for investment, and of the Government's approach to securing Brexit-related activities", he said.

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.

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

Last week, Barclays said it was talking to regulators in Dublin to discuss expansion, while JP Morgan has also been discussing plans with regulators in the Irish capital.


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