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Brexit merger sees BAMLI directors' pay double as profits soar

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A financial services firm which undertook a strategic merger in response to Brexit saw its pre-tax profits increase more than eight-fold to $643m (€594m) last year.

New accounts filed by the Dublin-based Bank of America Merrill Lynch International (BAMLI), show it recorded the sharp profit increase after its total operating income soared more than 10-fold to $2.585bn in the 12 months to the end of December last.

Previously, the company had only its head office in Dublin and one branch in London.

However, as Brexit loomed its immediate parent, Bank of America National Association (BANA), recognised the need to own a scalable EU-domiciled credit institution.

The firm carried out a merger on December 1st 2018 that resulted in the addition of seven units across Europe to its Dublin-headquartered business.

As a result, BAMLI now counts branches in Frankfurt, Amsterdam, Brussels, Paris, Zurich, Madrid and Milan amongst the Dublin-registered business.

According to the directors' report, the merger resulted in $50.3bn of assets being purchased by the company on December 1st 2018.

Revenues are derived from the company's core global banking and markets activities and its support services.

The workforce at BAMLI increased to 5,594 from 613 with annual payroll at the company totalling $839m. Average pay was $149,932.

Nine directors at the firm shared pay of $19.12m - more than $2m each on average. 

That pay was made up of $18.35m in emoluments which was more than double the $8.13m of 2018.

It also included $705,000 in non-executive directors' fees and $64,000 in pension contributions.

A breakdown of the company's revenues show the sources as: net interest income ($498m), net fee and commission income ($362m) and dealing profits ($360m).

Other operating income of $1.28bn was mainly made up of $1.22bn in service income.

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