JP Morgan chairman and chief executive Jamie Dimon met Taoiseach Leo Varadkar in Dublin on Thursday to discuss plans to expand the group's business in Ireland as the financial sector deals with the fallout from Brexit.
The Wall Street veteran, who has led JP Morgan since the end of 2005, also held a town-hall meeting for the company’s 450 staff during his brief visit to Dublin, at which he told them he was “optimistic about our future growth” in Ireland.
In May, the US’s largest bank by market value, at $331 billion (€290.5 billion), acquired a 12,000sq m (130,000sq ft) building being developed in Dublin’s south docklands, which is capable of holding up to 1,000 workers, more than double its current headcount here.
More recently, it emerged that JP Morgan is looking for additional office space to lease in Dublin as well as Amsterdam as it works on plans to deal with Brexit.
Sources have previously told The Irish Times that JP Morgan plans to move hundreds of back- and middle-office roles to Dublin under Brexit, as Frankfurt is set to become the group's main European location for trading market securities.
Fund services
In addition, the banking giant aims to grow its existing custody and fund services business in the Irish capital, in a move that is unrelated to planning around the UK’s exit from the European Union. The group also has investment banking, payments and treasury services businesses in Ireland.
“Ireland is at the forefront of training its workforce to keep up with the latest developments in technology and business innovation, and the country has a global, open environment that will keep it economically competitive,” Mr Dimon said in a statement on Thursday.
Sources said Mr Dimon told staff he did not see any immediate clustering of European businesses in one location following Brexit, like London had become, but thought several cities across the EU would gain.
Mr Dimon told staff that technology investment, which currently runs at more than $9 billion a year, would remain a focus.
On Wednesday evening, the JP Morgan boss took some of the bank’s Irish clients and senior staff to a pub in central Dublin.
“Dublin is a beautiful city, with great real estate and an open business climate,” Mr Dimon told employees. “I’m optimistic about our future growth here.”
JP Morgan has been reported in recent days to be interested in UK payments processor Worldpay, which has been the subject of bid approaches.
While Mr Dimon did not address the speculation, he said JP Morgan was “devoted” to this segment of the market. Sources said he put forward three three options: compete, partner or collaborate.
