Bank of America picks Dublin for European Union hub

Reuters

Although Deutsche Bank will not need to set up a new subsidiary on the continent - unlike some non-EU rivals - it is likely Brexit "will impact us significantly", he said.

It is the first U.S. bank to confirm the Irish capital as its preferred site.

United States investment bank Morgan Stanley has chosen Frankfurt as the site of its post-Brexit EU hub in a move that could put 200 jobs in the City of London under threat, reports The Guardian.

Details of banks' Brexit arrangements are starting to emerge following a July 14 deadline for them to submit details of their contingency plans to the Bank of England.

Morgan Stanley will apply for a licence with German regulators to allow it to continue trading within the European Union, with around 200 jobs in the United Kingdom at risk due to the move, according to the reports.

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.

Mr Moynihan said the bank is making all necessary preparations to serve their clients however those discussions "while we await further clarity around the Brexit negotiations".

Deutsche Bank AG Chief Executive John Cryan told employees in a videotaped message the group is preparing for a hard Brexit and will probably book the?vast majority? of its assets in Frankfurt, the Independent newspaper reported on Friday.

Last week, Barclays said it was talking to regulators in Dublin to discuss expansion, while JP Morgan has also been discussing plans with regulators in the Irish capital.

He said the announcement was "a strong endorsement of Ireland's attractiveness as a location for investment".

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