Posted on June 05, 2017 at 1:00 PM

Ireland:JP Morgan could add 500 Dublin jobs amid Brexit moves

US banking giant JP Morgan is in advanced negotiations about a project which could see as many as 500 extra staff added to its existing Dublin operation.The bank currently has 500 staff in the International Financial Services Centre.JP Morgan has not finally committed to increasing its Dublin workforce but negotiations are at an advanced stage.

The bank is planning to move hundreds of London-based staff to offices in Dublin, Frankfurt and Luxembourg in a move that will help secure its EU business after Brexit.

"We are going to use the three banks we already have in Europe as the anchors for our operations," he told Bloomberg on the sidelines of the Euromoney conference in Saudi Arabia.

Mr Pinto said: "We have to plan for a scenario where there is no UK-EU passporting deal and we have to move a substantial portion of our business to continue serving our European clients."Meanwhile, Standard Chartered has confirmed it has contacted German regulators about plans to set up a Frankfurt subsidiary that will similarly safeguard its European business.

A growing list of financial services firms have confirmed relocation plans, with HSBC moving 1,000 staff to France, AIG set to shift a string of executives to Luxembourg and Lloyd's of London opting for a subsidiary in Brussels.

JP Morgan's chief executive Jamie Dimon previously indicated around 4,000 of the bank's 16,000 UK employee base could move as a result of Brexit.

US banking peer Citigroup also reached out to its UK workers ahead of the official trigger of Article 50, explaining it was working on the assumption of a "hard Brexit" and was exploring options "with representatives from a number of different countries" as well as clients.

It is unclear how many of Citigroup's near-9,000 UK staff may have to move once a location is chosen.

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