EU exit could force Wall Street banks to desert Britain

“I think the Irish central bank and government would welcome this.”

Citigroup employs around 2,500 people in Ireland, while JP Morgan and Bank of America each employ 500 staff there.

Ireland has become attractive to foreign banks due to its low corporate tax rate, English-speaking workforce, and eurozone membership.

Other possible destinations for US-based business, should Britain leave the EU, could include Frankfurt or Paris.

According to TheCityUK, a lobby group, more than 250 foreign banks are hosted by the UK and they accounted for around a third of last year’s £71 billion financial services trade surplus.

Last month, foreign banks based in London warned the Treasury about the possible consequences of an EU exit.

In a submission, the Association of Foreign Banks said Britain should stay in the union because it would remain in a position to influence EU rules.

A spokesman for the group said: “If Britain withdraws from Europe, then foreign banks may reassess their reasons for maintaining their business in Britain and may decide to continue their business elsewhere.”

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