JPMorgan mulling Dublin move for 1000 employees
US investment banking giant JPMorgan Chase is said to be in talks to negotiate the purchase of a prime office property in Dublin to house 1,000 new employees.
Dow Jones I.A.
42,352.75
04:30 15/10/20
JP Morgan Chase & Co.
$211.22
11:09 04/10/24
The Wall Street bank had said ahead of last June’s Brexit referendum that it would consider the relocation of as many as 4,000 London jobs if Britain decided to split from the European Union.
Jamie Dimon’s bank has begun talks with property firm Kennedy Wilson over the purchase of the building in the Capital Dock area of the Irish capital, Bloomberg reported on Thursday.
British PM Theresa May gave formal recognition of the country’s departure from the bloc on Wednesday, kicking off a lengthy and complex process, during which many major companies will make decisions about their future in the new independent Britain.
This week has already seen partial relocations from Lloyd’s of London and AIG to European bases.
According to reports from several Irish media outlets, JPMorgan plans to move employees from its George’s Dock offices and as many as 500 more from its London operations if the negotiations are successful.
A statement released by the bank played down the reports, saying that "other options are still very much on the table."
Dublin is currently one of the main relocation hubs being touted as some companies consider moves out of the UK, with other major cities including Paris, Brussels and Frankfurt among those hoping to gain from Britain’s loss. Ireland’s low corporation tax makes it an attractive prospect for major multi-national firms.