JPMorgan is in talks to buy a big new building in Dublin, but has told London staff it will not “rush into any decisions” on how it will adjust its operations to after Brexit.
Bloomberg reported that the US bank is in talks to take the Capital Dock building in Dublin’s city centre which could accommodate about 1,000 people. The bank declined to comment.
The news comes as US banks scour the EU for new bases in the aftermath of the UK’s decision to quit the EU, which will likely force banks to pull some business out of London.
JPMorgan’s investment bank head Daniel Pinto and wealth management boss Mary Erdoes told staff on Wednesday that the bank’s existing EU presence would allow it to support its clients however Brexit pans out.
“We have spent the last several months reviewing the many variables in this process – client needs, employee considerations, regulatory requirements, operational risks, our inventory of licenses, political issues in the region and dozens of other factors.
“This is a complex process and we will not rush into any decisions,” the duo wrote in a note to staff on the day that the UK formally began the process to leave the EU.
The bank employs 16,000 in the UK. It has licences scattered across the EU including Dublin and Frankfurt, two of the leading destinations which JPMorgan and other banks are likely to move some operations to in the aftermath of Brexit.