JP Morgan move to acquire office space that could accommodate hundreds of workers in Dublin (Report)
JP Morgan already employs approximately 500 people at its Dublin headquarters.
US bank JP Morgan Chase is looking at the possibility of acquiring more office space in Dublin that could potentially house hundreds of workers and add to the already significant numbers of JP Morgan employees in the city.
According to Bloomberg, the bank is looking at acquiring office space in Dublin and Amsterdam as part of their preparations for Britain’s exit from the European Union, which could lead to the relocation of as many as 4,000 JP Morgan employees.
Two sources close to the matter, who asked not to be identified because the plans are private, told Bloomberg that the bank is looking to lease or acquire about 100,000 square feet of extra office space in Dublin, which would be enough to house approximately 770 employees.
Commenting on the possibility of JP Morgan acquiring more office space in Dublin, Jennifer Zuccarelli, a spokeswoman for JPMorgan, said: “We continue to evaluate our real estate strategy across Europe so we can support our clients in any scenario.
“As we have said before, we will use the three banks we already have in Frankfurt, Dublin and Luxembourg as our legal anchors.”
News of JP Morgan’s plans comes after the bank recently agreed to purchase a 130,000 square foot space in Dublin’s Capital Docks in the heart of the Dublin docklands, a space that could accommodate approximately 1,000 people.
James Kenny, head of investor services at JP Morgan, told the Financial Times that a “significant” number of people would be hired for the custody and fund services business in what the paper described as a “hiring spree” over the next three years.
Demand for financial services talent in Dublin, according to the Financial Times at the time of the report, is likely to “shoot up” as insurers, banks and financial services groups consider expanding operations there in the lead up to, and following, Britain’s official exit from the EU.