According to reports, Bank of America Merrill Lynch has hired property agents CBRE to seek out ideal sites in London as large as the 500,000 square feet in which its European base currently operates.
The possible move is likely to increase faith that London can remain the financial hub of Europe once the Brexit process is complete.
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This comes in stark contrast to warnings from Remoaners and the Project Fear campaign of last year that claimed an exodus of financial services out of London to cities such as Paris or Frankfurt would happen to ensure the access of firms to the European single market.
Despite the fact contingency plans have been put in place by major firms to deal with the fall-our from Brexit, most businesses are waiting until Theresa May triggers Article 50 to see what kind of deal London will strike with Brussels.
Meanwhile, businesses are growing confident that Britain will remain an attractive base for companies spanning a variety of industries once it has left the EU, with a number of large companies announcing plans to expand operations in the capital.
Merrill Lynch is reportedly searching for its new headquarters in the City.
Tech giant Apple last year announced it would set up shop at the Battersea Power Station development to build a new London headquarters big enough to house 3,000 staff.
Google is currently building a 10-storey, 650,000 sq ft complex in the capital.
And Facebook is planning to move to new offices in London’s Fitzrovia district, which is expected to create an extra 500 jobs for British workers in the UK.
The move indicates high confidence from financial institutions coming up to Brexit. EUROSCEPTICISM: Who are the most eurosceptic countries? Mon, January 16, 2017
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The Sunday Telegraph reports BAML contacted CBRE to start an office search before last year’s EU referendum.
The decision to press on with the search is a huge vote of confidence for British business in the face of Brexit.
In a worst-case scenario, HSBC and UBS have said they could move 1,000 jobs out of the UK, and Barclays is considering bolstering its small presence in Dublin.
But BAML’s European boss Alex Wilmot-Sitwell said after last year’s historic vote he was “very confident” the bank could draw up a strategy to protect its business in Europe before Brexit comes into affect.
Express.co.uk has contacted BAML regarding these reports.