JP Morgan buys new Dublin home as Wall Street bank prepares to shift roles from London before Brexit
15th May 2017
JP Morgan has found a new home in Dublin as the Wall Street bank prepares to shift jobs from London to the Irish capital.The US firm currently employs around 500 people in the city, and the new building, 200 Capital Dock, has room for 1,000 staff.
The deal was announced today by real estate investment company Kennedy Wilson, which is developing the building. The 130,000 sq ft space is located on the banks of the River Liffey and is expected to be completed in the third quarter of 2018.In addition to jobs being moved from the UK in advance on Brexit, the bank also recently announced plans to create a “significant” number of roles in its custody and fund services business.“Dublin has the vibrant business and technology communities that suit a global firm like ours,” said Carin Bryans, senior country officer for JP Morgan in Ireland.
“Given the momentum of our local businesses, this new building gives us room to grow and some flexibility within the European Union.”Earlier this month, JP Morgan’s head of investment banking, Daniel Pinto, said the firm would be moving hundreds of employees from London to Dublin, Frankfurt and Luxembourg before the UK leaves the EU.