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Newstalk

14.14 3 May 2017


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After missing out on several opportunities to become the post-Brexit EU base for major financial institutions of late, today brings the strongest indication yet that Dublin figures big in JPMorgan Chase's plans.

The US banking behemoth has confirmed that hundreds of its London staff will be moved to Dublin, Frankfurt and Luxembourg due to the UK's decision to leave the bloc. 

Daniel Pinto, CEO of JPMorgan's corporate and investment banking arm, said in an interview in Saudi Arabia yesterday:

"We are going to use the three banks we already have in Europe as the anchors for our operations.

"We will have to move hundreds of people in the short term to be ready for day one, when negotiations finish, and then we will look at the longer-term numbers."

JPMorgan Chase is thought to be negotiating the purchase of a building at 200 Capital Dock, which is being developed by Kennedy Wilson Holdings and the National Asset Management Agency. The 130,000 square feet office space would offer enough room for over 1,000 employees.

In a statement, the US bank said:

“Other options are still very much on the table. We want to see how negotiations progress. No final decisions have been made.”

JPMorgan CEO Jamie Dimon had suggested before the Brexit referendum last June that up to 4,000 UK staff could be relocated. He added in January that the number could be north or south of that depending on the result of Brexit negotiations.

Pinto continued:

"We have to plan for a scenario where there is no UK-EU passporting deal, and we have to move a substantial portion of our business to continue serving our European clients.

"We’ll have to wait to see what kind of deal can be achieved and see what we need to do from there."

The bright side of Brexit

In terms of other potential Irish opportunities, Standard Chartered Plc and Barclays are both thought to be weighing up a move to these shores.

Last week, it was reported that Bank of America Merrill Lynch is looking for more office space in Dublin that could accommodate hundreds of additional staff.

According to Irish Times sources, the Wall Street giant is among the most advanced global banks in terms of considering expansion in the capital as it braces itself for the impact of Brexit.

This newly-reported expansion would be in addition to plans, first reported by the newspaper in February, to increase its Irish workforce by 17% to over 700 people. Government officials were briefed on its plans, though the bank itself has declined to comment

It is currently developing its global technology and operations hub in Leopardstown and also has offices on Hatch Street in the city centre.


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