With Dublin as its new European headquarters, Bank of America will operate through its branches in Amsterdam, Brussels, Frankfurt, London, Madrid, Milan, Paris and Zurich.
On Monday, Bank of America stated, having received the necessary court and regulatory approvals, it has completed the shifting of its market and banking operation from London to Dublin.
The lack of clarity revolving around Brexit, has led many companies and international banks to either completely or partially relocate their operations in the EU. Many have also set up subsidiaries across the European Union in order to continue serving their clients after Brexit.
London-based companies could potentially lose the right to right to operate across the EU after March 29, 2019 when Britain’s departure from the bloc.
Its departure is filled with uncertainty.
In order to mitigate risks stemming from Brexit, in 2017 Bank of America had announced that it would merge its London-based subsidiary, Bank of America Merrill Lynch International with its Irish entity, which is based in Dublin.
“We are pleased to have worked closely and constructively with our regulators to complete this critical component of our Brexit preparations exactly on schedule and well ahead of the earliest possible date of the UK’s exit from the EU,” said Anne Finucane, Bank of America Merrill Lynch Europe’s chairman in a statement.
As part of this move, it will relocate up to 125 jobs from Britain to, mostly, Ireland, said Bank of America Merrill Lynch in a corporate filing earlier this year.
Employees in its risk, finance, technology, compliance, and credit functions would be affected.
The moves, set to take place between July and December this year, will be a combination of staff relocation and new hires.
Following the relocation, Bank of America stated, it now employs more than 800 people in Dublin; its new European headquarters would operate through branches in Amsterdam, Brussels, Frankfurt, London, Madrid, Milan, Paris and Zurich.