We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
BofA (BAC) Might Shift to Dublin from London Post Brexit
Read MoreHide Full Article
According to Nikolaus Naerger, Bank of America Corporation’s (BAC - Free Report) head of corporate banking in Germany, Switzerland and Austria, the banking giant might move to Dublin for its business operations in the European Union (EU) as a result of Brexit, Bloomberg reports. "Dublin is an emergency, a default option that the bank has," he said.
The main reason for the move is the UK’s exit from the EU, which led to the cancellation of “Passporting Rights”. The rights allowed banks to provide services to other member countries of the EU from London. The bank might have to move some jobs from London across the EU, including Frankfurt, Madrid, Luxembourg and Amsterdam.
However, BofA has not finalized Dublin as a destination. The process of moving operations into the EU will initialize once the British Prime Minister – Theresa May – concludes Brexit issues, expected by the end of March.
Why Dublin?
BofA prefers Dublin as it follows similar laws and regulations, and stands as the only other English speaking center in the EU, attracting London-based banks for post-Brexit operations.
Notably, BofA already operates a fully licensed operation in Dublin. Moreover, the bank will continue to retain its significant presence in London.
BofA’s efforts to realign its balance sheet, focus on core operations and prudent cost management will likely support bottom-line growth.
Shares of the bank gained 63.6% over the last six months, outperforming 36.5% growth of the Zacks categorized Banks – Major Regional industry.
Other Banks Considering Relocation
HSBC Holdings plc (HSBC - Free Report) was the first company to echo the thoughts of BofA. In January, it confirmed moving approximately 1000 jobs from its London office to Paris.
UBS Group AG (UBS - Free Report) also expects moving nearly the same number of employees.
Further, JPMorgan Chase & Co. (JPM - Free Report) seems to have been affected more by Brexit as it is expecting to relocate about 4000 employees currently working in the UK.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
Image: Bigstock
BofA (BAC) Might Shift to Dublin from London Post Brexit
According to Nikolaus Naerger, Bank of America Corporation’s (BAC - Free Report) head of corporate banking in Germany, Switzerland and Austria, the banking giant might move to Dublin for its business operations in the European Union (EU) as a result of Brexit, Bloomberg reports. "Dublin is an emergency, a default option that the bank has," he said.
The main reason for the move is the UK’s exit from the EU, which led to the cancellation of “Passporting Rights”. The rights allowed banks to provide services to other member countries of the EU from London. The bank might have to move some jobs from London across the EU, including Frankfurt, Madrid, Luxembourg and Amsterdam.
However, BofA has not finalized Dublin as a destination. The process of moving operations into the EU will initialize once the British Prime Minister – Theresa May – concludes Brexit issues, expected by the end of March.
Why Dublin?
BofA prefers Dublin as it follows similar laws and regulations, and stands as the only other English speaking center in the EU, attracting London-based banks for post-Brexit operations.
Notably, BofA already operates a fully licensed operation in Dublin. Moreover, the bank will continue to retain its significant presence in London.
BofA’s efforts to realign its balance sheet, focus on core operations and prudent cost management will likely support bottom-line growth.
BofA currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of the bank gained 63.6% over the last six months, outperforming 36.5% growth of the Zacks categorized Banks – Major Regional industry.
Other Banks Considering Relocation
HSBC Holdings plc (HSBC - Free Report) was the first company to echo the thoughts of BofA. In January, it confirmed moving approximately 1000 jobs from its London office to Paris.
UBS Group AG (UBS - Free Report) also expects moving nearly the same number of employees.
Further, JPMorgan Chase & Co. (JPM - Free Report) seems to have been affected more by Brexit as it is expecting to relocate about 4000 employees currently working in the UK.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think. See This Ticker Free >>