Bank of America plans to relocate up to 125 British jobs to Ireland ahead of Britain’s exit from the EU.
Last summer, the financial institution became the first U.S. bank to choose Dublin as its new base for its EU operations. Bank of America is also merging its London-based subsidiary Bank of America Merrill Lynch International into its similarly-named Irish entity based in Dublin. These moves were necessary to continue serving its clients as Britain prepares to leave the EU in March next year, Reuters reports.
According to a corporate filing, Bank of America employees working in finance, risk, compliance, technology and credit functions will be affected by the jobs relocation, which will take place between July and December this year. The shift will consist of staff relocation as well as new hires in Ireland.
The relocation of 125 positions at the bank represent the first phase of job moves. And depending on the outcome of Britain’s negotiations with the EU, “potential second phase relocations” may occur, with jobs going mostly to France, and some to Ireland, Germany, and other locations.