JP Morgan is reportedly looking to buy an office building in Dublin that could accommodate 1000 employees, according to Bloomberg. The move is seen as a safeguard against the potential downside of Britain’s Brexit decision to leave the European Union and how it could adversely affect the business climate, especially in London. Though it’s likely to take years for the Brexit exit to take full effect, other banks are also planning to move employees out of London. Contingency plans for Brexit problems are common for all British-based international operations. In January Barclays also selected Dublin for its post-Brexit EU headquarters.
Lloyds of London is establishing a subsidiary office in Brussels, slated to open in 2019. Other cities planning to welcome banks moving parts of their London operations include Madrid, Paris, Amsterdam, Luxembourg and Frankfurt.