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US banks planning UK exit for Ireland

Tuesday, August 19 11:00:19

Wall Street banks are drawing up preliminary plans to move some London-based activities to Ireland to address concerns that the UK is drifting apart from the EU, according to reports today.

People familiar with Bank of America, Citigroup and Morgan Stanley told the Financial Times that they considered Ireland a favourable location for some of their European business if they needed to move them out of the UK. One said he was already planning to move some activities to Ireland, CNBC reported.

CNBC reported that the banks' plans were in most cases still at very early stages. But they said the US banks had started preparing for the euro zone's impending banking union that threatens to isolate Britain and, ultimately, for a possible UK exit from the EU.

The CNBC report quoted one banker as saying that he is actively looking at a move to Ireland.

"I'm frankly looking at moving some activities to Ireland," said one senior UK-based manager at a Wall Street bank. "I think the Irish central bank and government would welcome this. It is not so much Brexit, more about legal entity optimization."

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