JP Morgan buys Dublin office with 1,000 staff capacity amid Brexit planning
JP MORGAN has bought an office building in Dublin with the capacity to house 1,000 staff amid its Brexit contingency planning.
JP Morgan has bought an office building in Dublin to house £1000 staff
The US banking giant announced earlier this month it plans to move up to 1,000 London jobs to Dublin, Frankfurt and Luxembourg in a bid to secure its EU business after Brexit.
The bank has now acquired the 200 Capital Dock building in the Irish capital, allowing Dublin’s operation to double its staff.
Carin Bryans, senior country officer for JP Morgan in Ireland, said: “Given the momentum of our local businesses, this new building gives us room to grow and some flexibility within the European Union.”
We will have to move hundreds of people in the short-term to be ready for day one
It is also understood that the expansion is down to the success of its existing operation in the city, where it currently employs 500 people.
The building, purchased from real estate firm Kennedy Wilson, measures 130,000 square feet and is situated in Dublin’s docklands area.
The chief executive of JP Morgan’s corporate and investment bank Daniel Pinto said at the beginning of May that a “substantial portion” of the lender’s business in London will have to be moved to the EU”.
Mr Pinto said: “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.
“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.”
JP Morgan will relocate between 500 and 1,000 front and back office staff from London.
Many financial services firms have confirmed relocation plans after the Brexit vote
Custody business roles will be destined for Dublin, treasury services set to settle in Luxembourg, and investment banking positions bound for Frankfurt, according to people familiar with the matter.
The relocation drive is set to take place ahead of spring 2019, when the two-year window for Brexit negotiations draws to a close, and the UK is expected to lose passporting rights for financial services.
Kennedy Wilson boss Mary Ricks added: “The Dublin occupier market is buoyant and we are in active and advanced dialogue with both Irish and international companies attracted to our visionary Capital Dock development and looking to base themselves in the heart of Dublin.”
Daniel Pinto said JP Morgan will relocate between 500 and 1,000 office staff from London
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