International bank JP Morgan has announced its intention to invest heavily in the Irish capital of Dublin, revealing plans to create a “significant” number to jobs.
The jobs will largely be part of custody and fund services business, and comes after an initial announcement that they would be moving some jobs to the Irish capital from London as part of its planning for Brexit.
On Monday the news broke that the Wall Street bank is also buying the city’s Capital Dock building, which can accommodate up to 1,000 people.
As reported by Irish news agency RTE, the deal was agreed with Kennedy Wilson, in a joint venture with Fairfax Financial Holdings Limited and the National Asset Management Agency. JP Morgan are said to be paying €125 million for the new office building, which is due to be completed by the third quarter of 2018.
“Dublin has the vibrant business and technology communities that suit a global firm like ours,” commented Carin Bryans, senior country officer for JP Morgan in Ireland.
“Given the momentum of our local businesses, this new building gives us room to grow and some flexibility within the European Union,” Bryans added.
JP Morgan have already begun to make plans for when Britain eventually leaves the European Union, and is expected to move hundreds of jobs abroad in order to maintain its presence in Europe. As Britain leaves the EU, it is uncertain as to whether passporting rights – those allowing banks to operate across Europe – will still apply to banks in the UK.
