Bank of America Merrill Lynch has said that it is relocating 125 jobs out of the United Kingdom and “predominantly to Ireland.” It also said that it is possible that more relocations will be made in the coming years.
The bank declared the moves as a part of the merger of its subsidiaries in the United Kingdom and Ireland ahead of Brexit, which it is undertaking to make sure that the bank can proceed to “operate its business and service its clients on an uninterrupted basis” when the United Kingdom withdraws from the European Union.
BAML said that 125 control-and-support function roles will be relocated from the United Kingdom, through a mix of employees in the United Kingdom who are volunteering to relocate, or new hires that are being made in its Irish business. The relocations will are scheduled to start in July.
The lender stated: “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 possible that more roles that are currently carried out by employees in the United Kingdom may be relocated to other jurisdictions.
The group said that it is “anticipated that the majority of the affected roles will be moved to France,” while a lesser number will be relocated to Germany, Ireland, or the other countries where the bank has a presence.