JPMorgan Chase & Co is considering expanding its Irish presence with the purchase of a Dublin office building, according to reports.

Sources have told The Irish Times that talks are currently underway for Dublin to become the new EU hub for what is one of the largest banking institutions in the world.

JPMorgan Chase is said to be negotiating the purchase of a building at 200 Capital Dock which is being developed by Kennedy Wilson Holdings and NAMA. The 130,000 square feet office space would offer enough room for over 1,000 employees.

In a statement, the US bank said:

“Other options are still very much on the table. We want to see how negotiations progress. No final decisions have been made.”

Kennedy Wilson

JPMorgan has spent the past nine months looking for a suitable post-Brexit base, with The Wall Street Journal reporting that executives at the New York-based financial powerhouse have been evaluating at least eight cities, including Paris and Frankfurt, with the bank going as far as looking at real estate in the German city.

On their checklist has been things everything from employment laws to the prospect of flight delays. 

As the largest investment bank in Europe, JPMorgan Chase has historically concentrated most of its investment banking business in London. It currently employs around 16,000 people in the UK.

CEO Jamie Dimon recently revealed that about 25% of its UK workforce would have to move due to the relocation.