Bank of America picks Dublin as EU base after Brexit

Taoiseach Leo Varadkar and Bank of America CEO Brian Moynihan

Bank of America has picked Dublin as the base for its EU operations after Brexit. 

The bank has not specified how many jobs will move to Ireland. 

But Bank of America's CEO Brian Moynihan told the Financial Times that it would definitely have more people than the 700 it has today in Ireland. 

There is speculation that Bank of America's announcement could result in hundreds of new jobs.  

It is planning to move investment banking and market operations to the capital. 

The company currently has two Dublin offices one in Leopardstown and a second in the city centre. 

It said it will move roles not only to Dublin but also to other EU locations. 

Mr Moynihan said: "Dublin is the home to more of our employees than any other European city outside the UK." 

"We already have a fully licenced and operational Irish domiciled bank which combined with Ireland's strong commitment to business and economic growth makes Dublin the natural location to consolidate our legal entities as we transition." 

Taoiseach Leo Varadkar said the announcement followed a number of recent announcements by leading global financial institutions and was a "strong endorsement of Ireland's attractiveness."