JPMorgan Chase has bought an office building in Ireland as it accelerates its contingency planning for moving jobs to the European Union once Britain leaves the trading bloc.
The American banking giant has acquired 200 Capital Dock in Dublin, a building with the capacity to house 1,000 people. The bank has said it will move hundreds of London jobs to Dublin, Frankfurt and Luxembourg in order to serve its customers in the EU after Britain's exit, or Brexit.
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Carin Bryans, senior country officer for JPMorgan in Ireland, says that the "new building gives us room to grow and some flexibility within the European Union."
JPMorgan CEO Jamie Dimon has said Brexit many mean some 4,000 of the bank's 16,000 U.K. employees could move.