Wednesday 20 June 2018

Wells Fargo post-Brexit plan could bulk up bank's Dublin office with hundreds of staff

Wells Fargo is set to confirm its Brexit plans in the coming months (Yui Mok/PA)
Wells Fargo is set to confirm its Brexit plans in the coming months (Yui Mok/PA)

Kalyeena Makortoff

Wells Fargo is leaning towards a Brexit contingency plan that could see the US bank bulk up its Dublin office with hundreds of staff.

The Press Association understands that an enlarged operation in the Irish city is one of the most likely options for the group, which has said it will confirm its post-Brexit arrangements "in the coming months".

The prospective move would involve a notable increase to its approximately 115-strong workforce in Dublin, with one source saying the number of additional staff could be in the "low triple digits" - signalling anywhere from 100-300 positions.

It is likely that roles would be filled through a mix of relocations and local hiring.

Dublin is home to the head office of Wells Fargo's regional banking operations, while London hosts additional entities including its investment bank.

Wells Fargo has a total of about 1,200 staff in London.

Wells Fargo declined to comment, but said it was "committed to its EMEA business and clients" and was "actively recruiting across the region" including in Ireland.

"The Dublin-based roles will support the business-as-usual activities of WFBI and its customers in the EEA countries.

"An announcement on our post Brexit arrangements will be made in the coming months.

"We continue to monitor Brexit negotiations and we expect to be operational when the UK leaves the EU bloc."

The Press Association understands that Wells Fargo is still in discussions with several regulators including the Central Bank of Ireland.

Wells Fargo is currently preparing to move its 1,200 London staff into a new City headquarters at 33 King William Street later this year.

Reports of the £300 million deal to buy the building were widely regarded as a significant commitment to the UK in the months following the Brexit vote.

If Wells Fargo follows through on a decision to bolster operations at its Dublin office, it would join the likes of Bank of America Merrill Lynch (BAML) which recently detailed plans to relocate up to 125 UK staff to its Irish site.

The corporate filing explained that the relocations would affect BAML staff working in control and support function roles including finance, risk, compliance, tech and operations as well as wholesale credit - starting in July this year.

Press Association

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