Thursday 24 October 2019

Merrill Lynch to move 125 jobs to Dublin after Brexit

Brian Moynihan chairman and CEO of Bank of America. Photo: Getty Images
Brian Moynihan chairman and CEO of Bank of America. Photo: Getty Images

Gretchen Friemann

Bank of America Merrill Lynch will relocate 125 jobs to Dublin as it overhauls its banking business in the UK and Europe in preparation for Brexit.

Documents filed in the UK show the US banking behemoth 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 trigger a recruitment drive. The filings state BAML will achieve the role changes by the "voluntary relocation of relevant staff" as well as "new hires".

BAML announced its intention to recruit more staff in Dublin last year when it unveiled its Brexit plans. The group's decision to pick Ireland as its new EU hub delivered a much-needed boost to the Government's efforts to attract Brexit-related jobs after a number of prominent corporations like AIG and Lloyds of London opted for other European cities.

Corporate documents filed in Ireland and the UK reveal the North Carolina-based giant fired the starting gun on its Brexit overhaul in March. The overhaul will result 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 a merger notice filed at Companies House, the majority of the relocated positions relate to "control and support function roles (including but not limited to finance, risk, compliance and technology and operations)". The document also states wholesale credit are also likely to be swept up in the move.

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 and chaired by Anne Finucane, vice chairman at BAML, a member of the group's executive management team. Ms Finucane is also on the board of the American Ireland Fund. In March, Alex Wilmot-Sitwell, head of BAML's European operations resigned from the bank, in an unexpected but reportedly amicable move. Mr Wilmot-Sitwell played a pivotal role in the bank's Brexit planning and had been named as chairman of the Dublin-based unit earlier this year.

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