JP Morgan has purchased a new office building in Dublin for up to 1,000 staff, weeks after a senior executive said jobs would be moved from London to Ireland, Frankfurt and Luxembourg before the UK leaves the European Union.
The US investment bank, which employs around 14,000 staff in the UK, has bought a building at 200 Capital Dock in Dublin as the firm said it is looking to extend business in Ireland. The company already employs 500 staff in the region.
"Given the momentum of our local businesses, this new building gives us room to grow and some flexibility within the European Union," said Carin Bryans, senior country officer for JP Morgan in Ireland told the BBC.
Earlier this month, head of investment banking Daniel Pinto said the bank was planning to move bankers to the trio of European cities ahead of the completion of Brexit negotiations: "We will have to move hundreds of people in the short term to be ready for day one, when negotiations finish, and then we will look at the longer-term numbers."
Prior to the referendum, JPM chief executive Jamie Dimon warned as many as 4,000 employees could be relocated if Britain voted to leave the EU.
"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," added Pinto.
Other banks including Standard Chartered, Deutsche Bank, Goldman Sachs and Morgan Stanley have also indicated they could relocate positions from the City of London.
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In June 2016, immediately before the Brexit referendum, a curious thing happened.