DUBLIN, Ireland―JPMorgan on Monday announced a deal to buy a bigger Dublin office to accommodate more than 1,000 employees as the US banking giant seeks to relocate London staff over Brexit.
The bank, which employs 500 people in the Irish capital, had already said that it would relocate hundreds of workers from London to Dublin, Frankfurt and Luxembourg because of Britain’s vote in favor of exiting the European Union.
“Dublin has the vibrant business and technology communities that suit a global firm like ours,” Carin Bryans, senior country officer for JPMorgan in Ireland, said in a statement Monday.
“Given the momentum of our local businesses, this new building gives us room to grow and some flexibility within the European Union.”
Britain’s financial sector fears the loss of “passporting” rights that allow EU member states to trade across national borders.
US investment bank Goldman Sachs and HSBC have also spoken of switching staff out of London because of Brexit.
On the other hand, Germany’s Deutsche Bank recently picked a site for its new British headquarters, highlighting its commitment to London.
A consortium comprising Kennedy Wilson, Fairfax Financial Holdings and Irish state-run National Asset Management Agency on Monday said that it had sold the 12,000 square-meter Capital Dock office building, due for completion in the final quarter of 2018, for an undisclosed amount.
“We are excited to welcome JPMorgan, through its acquisition of 200 Capital Dock, as the first major office occupier to commit to this best-in-class, mixed-use, campus development, to grow its existing business and meet its long-term plans in Ireland,” said William McMorrow, chairperson and CEO of property group Kennedy Wilson.
The Irish government welcomed the deal, describing it as “a huge vote of confidence in our economic policies.”
“This announcement by a leading investment bank will create a large number of high-quality jobs and this is very positive and very welcome,” Minister for Jobs, Enterprise and Innovation Mary Mitchell O’Connor said in a statement.