According to foreign media reports, the American bank JPMorgan Chase has purchased a landmark office building in Dublin, the capital of Ireland, to cope with the situation following Brexit.
It is reported that this building can accommodate more than 1,000 employees, double the number of staff the bank currently employs in Dublin, and covers an area of approximately 130,000 square feet (12,000 square meters). It is scheduled for completion in the third quarter of 2018. This is the first major expansion by a financial firm in Dublin since the Brexit referendum.
Following Brexit, Dublin was one of the locations JPMorgan Chase considered for expanding its EU hub. According to a statement by a senior official from JPMorgan Chase in Ireland, Dublin possesses a vibrant business and technology community, making it highly suitable for multinational corporations like JPMorgan Chase. Considering the momentum of JPMorgan Chase's business development in Ireland, the newly purchased building will provide the company with room for growth and flexibility for its operations across the entire European Union.
Although JPMorgan Chase is the first financial institution to undertake a major expansion in Dublin since the Brexit referendum, Bank of America, Standard Chartered, and Barclays have all previously indicated plans to expand in Dublin.
Why are these investment banks interested in, or have they already, expanded their operations in the Irish capital, Dublin?
One of the primary reasons is licensing. A Bank of America executive for corporate banking in Germany, Switzerland, and Austria stated that the reason Dublin is viewed as the bank's "contingency, default option" is because they already possess a full-service license there. "We will be watching very closely where the future EU single license entity will be (i.e., establishing a bank in one EU country that can provide services to other EU countries)."
Standard Chartered also stated in its announcement, "Our focus is on ensuring market access for our clients." Standard Chartered has already established a subsidiary in Dublin and has been in contact with Irish officials to obtain a license to operate throughout the European Union.
Previously, Barclays also considered choosing the Irish capital, Dublin, as the location for its European headquarters after Brexit. In an announcement, it stated, "We have stated many times that we will develop a series of contingency plans for Brexit, including further expanding our operations in Dublin."
Additionally, a recent study by a relocation firm comparing 15 major EU cities found two other main reasons why Dublin would be a preferred choice for investment banks: language and rent. This is because Dublin is the only financial center besides London where the official language is English. Furthermore, rental costs in Dublin are far lower than in Paris, Frankfurt, and Luxembourg.
The Irish government has welcomed JPMorgan Chase's building purchase, viewing it as an important vote of confidence in its economic policy.
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