Morgan Stanley opts for Frankfurt as new post-Brexit hub

Bank of America is the latest major to announce it will move its center for European operations out of London after Brexit selecting Dublin while other banks are moving to Frankfurt

Bank of America is the latest major to announce it will move its center for European operations out of London after Brexit selecting Dublin while other banks are moving to Frankfurt

USA bank Citigroup said on Thursday that it may need to create 150 new jobs in the European Union to deal with the impact of Britain leaving the bloc, as it confirmed it would headquarter its EU trading operations in Frankfurt.

Brian Moynihan, chief executive of Bank of America, was in Dublin for the landmark announcement, which was made after a meeting with taoiseach Leo Varadkar, who is keen to capitalise on the fallout from the City after the vote for Brexit.

The chief executive also noted Dublin is home to more Bank of America employees than any other European city outside of the United Kingdom, and that the bank has operated in Ireland for nearly 50 years.

"Bank of America has a long-standing commitment to Ireland and I look forward to this relationship growing and deepening in the years ahead". "While we await further clarity around the Brexit negotiations, we are making all necessary preparations to serve our clients however those discussions conclude", said Moynihan.

Savills expects prime central London property values to stagnate this year and next before increasing by 8 per cent in 2019.

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Worldwide banks are planning to set up subsidiaries in the European Union to ensure they can continue to serve clients if their London operations lose the ability to operate in the bloc after Britain leaves in March 2019.

Bank of America now has 700 staff in Dublin and 6,500 in the United Kingdom, of which 4,500 are based in London.

While Cowles said London would remain an "important global hub" for Citi and its Emea headquarters whatever the outcome of the Brexit talks, he added: "In certain circumstances we may need to create approximately 150 new roles located in the European Union".

Morgan Stanley has picked Frankfurt and could relocate about 200 staff there.

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