By Kalyeena Makortoff
Wells Fargo is leaning towards a Brexit contingency plan that could see the US bank bulk up its Dublin office with hundreds of staff.
It is understood that an enlarged operation in Ireland is one of the most likely options for the group, which has said it will confirm its post-Brexit arrangements “in the coming months”.
The prospective move would involve a notable increase to its approximately 115-strong workforce in Dublin, with one source saying the number of additional staff could be in the “low triple digits” — signalling anywhere from 100 to 300 positions.
It is likely that roles would be filled through a mix of relocations and local hiring.
Dublin is home to the head office of Wells Fargo’s regional banking operations, while London hosts additional entities including its investment bank.
Wells Fargo has a total of about 1,200 staff in London.
Wells Fargo declined to comment, but said it was “committed to its EMEA business and clients” and was “actively recruiting across the region” including in Ireland.
“The Dublin-based roles will support the business-as-usual activities of WFBI and its customers in the EEA countries,” the company said.
It is understood that Wells Fargo is still in discussions with several regulators including the Central Bank of Ireland.
Wells Fargo is currently preparing to move its 1,200 London staff into a new UK headquarters on London’s King William Street later this year.
Reports of the £300m (€344m) deal to buy the building were widely regarded as a significant commitment to the UK in the months following the Brexit vote.
If Wells Fargo follows through on a decision to bolster operations at its Dublin office, it would join another large US bank, Bank of America Merrill Lynch, which recently detailed plans to relocate up to 125 UK staff to its Irish site.
The corporate filing explained that the relocations would affect Bank of America staff working in control and support function roles including finance, risk, compliance, tech and operations as well as wholesale credit — starting in July this year.