BOA Merrill Lynch To Move European Headquarters

Robbie Lawther Reporter 9 May 2018

BOA Merrill Lynch To Move European Headquarters

The firm is one of several banking institutions that has decided to move its European headquarters out of London before Brexit.

Bank of America Merrill Lynch will relocate 125 jobs to Dublin as it looks to make preparations for the UK’s exit from the European Union. The firm’s new European headquarters will be based in Central Park, Leopardstown in Dublin.

Documents filed with the UK government website Companies House show the US banking group intends to begin moving employees across to offices in Dublin in July, and aims to compete the relocations by the end of year with the conclusion of a cross-border merger of its EU and UK banking entities.

It also confirmed the reorganisation will prompt a recruitment drive. The filings state BAML will achieve the role changes by the "voluntary relocation of relevant staff" as well as "new hires".

The overhaul will see BAML splitting its existing EU headquarters in London into a broker dealer and a banking business in Dublin to serve EU clients.

Its new Dublin headquarters will be bolstered by sales and trading operations in Paris as well as its London-based entity.

According to Irish Independent, BAML's new Dublin unit will be led by vice-chairman Bruce Thompson, a former group chief financial officer and head of risk for the Bank of America group.

The board will be chaired by Anne Finucane, vice chairman at BAML, a member of the group's executive management team.  Finucane is also on the board of the American Ireland Fund. 

Since the Brexit vote, some financial institutions have said that they will be moving their headquarters from London to other places within the EU. In November, this publication reported that Goldman Sachs had confirmed it will have hubs in Frankfurt and Paris after Brexit, as it prepares to move jobs out of the UK.

This publication has contacted the firm for a comment, and will update in due course.

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