Bank of America moving 125 UK jobs to Ireland because of Brexit

The bank said further relocations out of the UK will likely be announced in due course

The lender is restructuring its European operations ahead of Brexit (Reuters)

Bank of America Merrill Lynch is moving 125 jobs out of the UK and “predominantly to Ireland”, and said it is likely that more relocations will be made in the future.

The bank announced the moves as part of the merger of its UK and Irish subsidiaries ahead of Brexit, which it is undertaking to ensure the bank can continue to “operate its business and service its clients on an uninterrupted basis” when the UK withdraws from the EU.

BAML said 125 control-and-support function roles will transfer from the UK, through a combination of UK staff volunteering to relocate, or new hires being made in its Irish business. The relocations will begin in July.

The lender said: “Any employee impacted by the… relocations who declines an invitation to relocate to Ireland will be considered for suitable alternative employment, failing which they may be made redundant.”

Meanwhile, BAML said that “depending on the legal and regulatory regime that may apply to [the company] following Brexit and the rules applying during any transition period” it is likely that additional roles currently carried out by UK employees may be moved to other jurisdictions.

The group said it is “anticipated that the majority of the affected roles will be moved to France”, while a smaller number will move to Ireland, Germany or other countries where the bank has a presence.