Sunday 17 December 2017

JP Morgan CEO confirms plans to grow Dublin business following meeting with Taoiseach

An artist’s impression of the JP Morgan office at Capital Dock
An artist’s impression of the JP Morgan office at Capital Dock
Ronald Quinlan

Ronald Quinlan

The chairman and CEO of JP Morgan, Jamie Dimon, has formally confirmed the US investment banking giant’s intention to grow its business in Dublin.

In a statement released following his meeting with Taoiseach Leo Varadkar in Dublin today, Mr Dimon said:  "Ireland is at the forefront of training its workforce to keep up with the latest developments in technology and business innovation, and the country has a global, open environment that will keep it economically competitive.  I met with Prime Minister Varadkar today to discuss our plans to grow JP Morgan’s business over the next several years."

The JP Morgan chief’s meeting with the Taoiseach and his statement in relation to the US bank’s plans to grow its Irish operations follows several months in which speculation has intensified in relation to its post-Brexit plans.

JP Morgan recently announced its acquisition of 200 Capital Dock, a 130,00 sq ft office building currently being developed by US real estate firm Kennedy Wilson in Dublin’s docklands.

Commenting on the move, the plans for which were first reported by the Irish Independent, Carin Bryans, senior country officer for JP Morgan Ireland said at the time: "Given the momentum of our local businesses, this new building gives us room to grow and some flexibility within the European Union."

Read more: US investment bank J.P. Morgan buys 130,000 SQ FT office building in Dublin

While 200 Capital Dock is capable of accommodating up to 1,000 employees, it may not represent the full extent of JP Morgan’s ultimate ambitions in relation to its presence in Dublin.

Indeed, as the Irish Independent has previously reported, JP Morgan widened its search for potential Dublin office space last April, with a delegation from the bank visiting the capital for a series of meetings with property agents and companies involved in the development of offices in Dublin's docklands.

The bank's executives were brought on a tour of the area, and carried out an inspection of a number of the major office sites now under construction. Those parties who met with the JP Morgan team were required to sign a strict confidentiality agreement, the terms of which prohibit them from discussing the bank's potential plans and requirements in terms of Dublin.

JP Morgan currently employs in the region of 450 people in Ireland with plans to add more jobs in the coming year.

JP Morgan’s Irish workforce is engaged in the areas of custody & fund services, investment banking, and payments and treasury services.

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