JPMorgan buys Dublin building with room for 1000 staff

JP Morgan headquarters at Canary Wharf in London

The bank's Irish unit is buying the 200 Capital Dock building from real estate firm Kennedy Wilson, Toronto-based Fairfax Financial Holdings Ltd. and Ireland's National Asset Management Agency, Kennedy Wilson reportedly said.

J.P. Morgan will close the acquisition of its new office building in tandem with the delivery of Capital Dock, which is scheduled for the third quarter of 2018.

Dublin is among the locations being considered by JP Morgan for an enlarged European Union hub following the Brexit vote. J.P. Morgan Bank (Ireland) plc will be the first big name on campus, with the bank having committed to acquiring a 130,000-square-foot office building at the multi-structure development through a forward-funding sale agreement.

It is also understood that the expansion is down to the success of its existing operation in the city, where it now employs 500 people. "Dublin has the vibrant business and technology communities that suit a global firm like ours". JP Morgan's executive, Daniel Pinto, has been cited by Reuters as saying that up to 1,000 jobs could move from London to Dublin, Frankfurt and Luxembourg.

JP Morgan is set to expand its custody and fund services business in Dublin with the purchase of a new office and plans to significantly increase the team's headcount.

The US bank now employs 500 people in the Dublin.

Sources told the Irish Times at the time that the group's plans for Ireland, where it can trace its operations back to 1926, are focused on expanding existing back-office functions in Dublin, rather than adding front-office roles.

The office acquisition follows J.P. Morgan's win of a $1 trillion custody mandate from BlackRock in January, paving the way for the United States bank to become the second biggest custodian in the world.

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