Next bank on the move
This post was created in 2017 and has now been updated.
Today it was the turn of the Bank of America to announce it plans to move to Dublin after Brexit. There seems three choices for banks remaining inside the EU. Dublin, Frankfurt and Paris. Possibly with a smaller branch office in London.
But the centre for finance that London has held since the Bank of England was established in 1694 is under threat. 1694 was the time the City of London was established as financial centre. Now that centre is breaking up. There is the Internet to make financial transactions seamless, but the decline has started, where will it stop?
Bank of America Merrill Lynch has completed its move to Dublin. More than 800 staff now work for the Irish based bank. More details here
Another loss to the UK and the City of London.