Saturday 21 April 2018

JPMorgan confirms it will grow Dublin hub

JPMorgan CEO Jamie Dimon
JPMorgan CEO Jamie Dimon

Ronald Quinlan Commercial Property Editor

The chairman and CEO of JPMorgan, Jamie Dimon, has formally confirmed the US investment banking giant's plans to grow its business in Dublin.

However, he stopped short of saying how many staff the bank plans to hire here in the wake of Brexit.

In a statement released following a meeting yesterday with Taoiseach Leo Varadkar in Dublin, 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 (sic) Varadkar today to discuss our plans to grow JP Morgan's business over the next several years."

His meeting with the Taoiseach and 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.

JPMorgan recently announced its acquisition of 200 Capital Dock, a 130,00 sq ft office building 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."

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 Dublin.

As the Irish Independent has previously reported, JP Morgan widened its search for potential Dublin office space last April.

A delegation from the bank visited 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 around 450 people in Ireland with plans to add more jobs in the coming year.

JP Morgan's Irish staff work in custody & fund services, investment banking, and payments and treasury services.

Irish Independent

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