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.
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.”
By Sam Howard