Brocker.Org: JPMorgan just bought a Dublin building to house 1,000 staff for post-Brexit job flexibility

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JPMorgan agreed to buy a building in Dublin, Ireland to
house 1,000 staff in order to give it flexibility in serving
clients after Britain leaves the European Union on March 29.


That is according to property
 investment
company Kennedy Wilson who sent a statement to Reuters
. It
said JPM has agreed to buy a 130,000 square foot building at the
Capital Dock development in Dublin’s docklands area.
 

“This new building gives us room to grow and some flexibility
within the European Union,”Carin Bryans, a senior country officer
for JPM in Ireland told Reuters.

At the beginning of the month, Daniel Pinto, head of
investment banking at JPM,
told Bloomberg in an interview
that the banking giant plans
to move “hundreds of people” in London to the three offices in
the European Union in order to be prepared for if Britain leaves
the Single Market. 

The three main offices would be located in Dublin, Frankfurt
and Luxembourg.

The loss of passporting rights seems almost a certainty
under Prime Minister Theresa May’s “hard Brexit” plan — the loss
of membership of the EU’s Single Market in exchange for complete
control over immigration.

If the passport is taken away, London could cease to be the most
important financial centre in Europe, costing the UK thousands of
jobs and billions in revenue. Around 5,500 firms registered in
the UK rely on the European Union’s passporting rights for the
financial services sector, and they turn over about £9 billion in
revenue. 

This is one of the biggest fears in the City.

It is has subsequently led to other global investment
banks, such as 
Citigroup
and HSBC signalling job moves to continental Europe from
London.
 Last month,
Lloyd’s of London said it would open a subsidiary in
the heart of the EU
, the day after Prime Minister
Theresa May began talks to take the UK out of the 28-state
trading bloc.

In March, Lloyd’s of London — the city’s 329-year-old
insurance market — said it would
open a subsidiary in the heart of the European Union to counter
Brexit effects.

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