Banks Hear Dublin Is Lovely This Time Of Year

If they can convince employees that Gaelic is so hot right now.
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By Pilgab (Own work (own picture)) [GFDL or CC BY-SA 3.0], via Wikimedia Commons

Pilgab, via Wikimedia Commons

Morgan Stanley denied on Friday that it had already booked employees tickets out of London but Jamie Dimon has basically busted out the bubble tape and began wrapping Team JPM's breakables for the trip.

"A lot of businesses in the U.K., in order to stay part of the EU, will expand operating subsidiaries or even redomicile to Ireland," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management. "Having Dublin become more of a financial center could be part of the longer-term trajectory here." ... J.P. Morgan CEO Jamie Dimon said before the Brexit vote that his bank would need to move roughly a quarter of the 16,000 employees from London if the country voted to leave, calling it "terrible deal" for the British economy, according to Reuters. Other banks, from the U.S. and elsewhere, echoed Dimon to one degree or another.

Having said that, experts warn that banks might have to come up with something a bit more compelling in making the case for Dublin than "The Queen doesn't care about you!" and/or just go with the "Move or you're fired."

...employees might not be so eager to go. While it's less expensive to live in Ireland than in the United Kingdom, Scott said banks could have a difficult time convincing personnel to leave one of the world's premiere cities. "People are in London because it's got tradition, it's a nice place to live," he said. "That's important to their employees."

Bank jobs: Dublin may gain while post-Brexit London loses [CNBC]

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