JP Morgan buys £100m office in Dublin

FTA69

https://www.google.co.uk/amp/s/amp.theguardian.com/business/2017/may/15/jp-morgan-landmark-office-dublin-brexit

So it appears that one major company is already planning to bunk the UK in favour of Ireland (as well as Luxembourg and Frankfurt). My missus works in the City and says that there is talk in pretty much every firm of devolving part or all of their business to Ireland and other parts of Europe.

While generally I think the banking companies are a shower of bastards lacking in all integrity, there's no denying Ireland may benefit hugely from such investment.

As someone not living there, is the Irish government doing a lot to encourage such companies?

Wanderer78

Closer to the trough I guess!

Fr_Dougal

Thanks, OP. Have just cancelled my subscription to the FT.

Yourself isit

Dublin becoming a mini London is bad news.

Wanderer78

Yourself isit wrote:

Dublin becoming a mini London is bad news.

At least we 'll all benefit from 'trickle down' or the flood, or whatever nonsense it's called nowadays

Fratton Fred

Yourself isit wrote: »

Dublin becoming a mini London is bad news.

it isn't though.

It is new jobs for Dublin, which is good news for all of us. but this will be a few hundred transactional jobs so they can keep their access to the eurozone, it won't be hundreds of high end bankers earning millions.

OU812

Yourself isit wrote: »

Dublin becoming a mini London is bad news.

Not necessarily. The real problem with Dublin becomes London light is we don't have the infrastructure (underground transport mostly) to deal with the volume of staff.

Don't forget that finance jobs bring other dependent jobs such as catering, sanitisation, IT etc.

please helpThank YOU

Here goes the biggest increase in rents for Dublin for 2019 the landlords in Dublin must be smacking the lips. good news for Dublin. but bad news if you are a renter in Dublin you can see this happening a mile away.

biscuithead

FTA69 wrote: »

https://www.google.co.uk/amp/s/amp.theguardian.com/business/2017/may/15/jp-morgan-landmark-office-dublin-brexit

So it appears that one major company is already planning to bunk the UK in favour of Ireland (as well as Luxembourg and Frankfurt). My missus works in the City and says that there is talk in pretty much every firm of devolving part or all of their business to Ireland and other parts of Europe.

While generally I think the banking companies are a shower of bastards lacking in all integrity, there's no denying Ireland may benefit hugely from such investment.

As someone not living there, is the Irish government doing a lot to encourage such companies?

There's no denying something "might" happen?

I'm absolutely certain that you might win the lottery.

There's no doubt at all that Heidi Klum might give me a blowjob.

Dr Crayfish

There's no decent public transport or places for people to live in Dublin, sorting that out should be priority then we can try to create jobs

Atoms for Peace

"Famine days, drove us here, off the land
They told us to clear, now they drive you
From the cities, to make way for all the Yuppies
They stood back, and didn't act
Those in power should have been sacked
Decimate the inner cities, move them out, bring in the wealthy"

Damien Dempsey wrote about clearing out the working class to the suburbs, but today it's the middle classes that are being driven to outside the pale due to increasing rent.

steddyeddy

Yourself isit wrote: »

Dublin becoming a mini London is bad news.

It is indeed. House prices are bad enough.

please helpThank YOU

Atoms for Peace wrote: »

"Famine days, drove us here, off the land
They told us to clear, now they drive you
From the cities, to make way for all the Yuppies
They stood back, and didn't act
Those in power should have been sacked
Decimate the inner cities, move them out, bring in the wealthy"

Damien Dempsey wrote about clearing out the working class to the suburbs, but today it's the middle classes that are being driven to outside the pale due to increasing rent.

Very well said and 100 per cent true.

Keyzer

Yourself isit wrote: »

Dublin becoming a mini London is bad news.

Ah yeah, all the new jobs and the positive impact this will have on the economy, terrible... Lets level the city, build a load of tenements and enforce a law whereby all citizens must where potato sacks as clothing...

tomwaterford

Fratton Fred wrote: »

it isn't though.

It is new jobs for Dublin, which is good news for all of us. but this will be a few hundred transactional jobs so they can keep their access to the eurozone, it won't be hundreds of high end bankers earning millions.

Is there not a massive housing shortage in dublin??


Also when all these banks go belly up 10 years or whenever they fcuk up again.....will ireland have to bail out all the irish subsideries of these banks???

Is the financial regulator still as lax/patetic as that banker from the inquiry pointed out a few weeks ago??

arctictree

We don't need 100s of new jobs in Dublin. We need them in Leitrim (or Sligo etc)....

Peregrine

"The binding constraint in Ireland isn’t really around the supply of qualified people; it’s around infrastructure – the infrastructure in the city, the supply of housing . . . the capacity in the school system, the domestic transport infrastructure,” — The bank’s head of investor services, James Kenny

It's actually a national disgrace. Doing our best to lose out while talking about Brexit all day. **** all investment in transport during this government. Most of the sites in the docklands capped at six stories to protect the sensitivities of the NIMBYs. Some politicians seem to think it's a case of sitting back and watching the money roll in. Eejits.

VinLieger

arctictree wrote: »

We don't need 100s of new jobs in Dublin. We need them in Leitrim (or Sligo etc)....

Is there a building that can accomodate 500 people in leitrim or sligo? No? okay someone tell JP Morgan we don't want them then.......

mfceiling

VinLieger wrote: »

Is there a building that can accomodate 500 people in leitrim or sligo? No? okay someone tell JP Morgan we don't want them then.......

Bound to be a hay shed not being used at the minute. Problem solved.

Ush1

arctictree wrote: »

We don't need 100s of new jobs in Dublin. We need them in Leitrim (or Sligo etc)....

The bright lights of Sligo and Leitrim will really draw in the fast paced finance types.:P

Wanderer78

tomwaterford wrote: »

Is there not a massive housing shortage in dublin??


Also when all these banks go belly up 10 years or whenever they fcuk up again.....will ireland have to bail out all the irish subsideries of these banks???

Is the financial regulator still as lax/patetic as that banker from the inquiry pointed out a few weeks ago??

ah dont worry, the financial sector has moved on from bail outs, bail ins are the new bail out

elefant

VinLieger wrote: »

Is there a building that can accomodate 500 people in leitrim or sligo? No? okay someone tell JP Morgan we don't want them then.......

'Lads, we're sending you all over to Ireland. Dublin? No, no. Drumshanbo. You'll love it'.

neverever1

London controls England and Dublin controls this state. It's time that was ended.

suicide_circus

Dublin's infrastructure (housing, transport, health care etc) are already at breaking point. We're not in a position to capitalise on brexit properly. Meantime the politicos and civil servants watch helplessly from their gold plated vantage point.

MRnotlob606

Can we get the EU institutions that were headed in London? Such as the E.U banking authority?

VinLieger

neverever1 wrote: »

London controls England and Dublin controls this state. It's time that was ended.

Vive la culchie revolution comrade!!!!

ChikiChiki

All well and good but Dublin is so ill prepared for the huge opportunities that exist its not even funny. Where will everyone live? How will they commute to work?

We are reactive and not proactive when it comes to planning.

neverever1

VinLieger wrote: »

Vive la culchie revolution comrade!!!!

Damn straight! It's time to take the power away from the junkies and suit wearing thieves in Dublin!

neverever1

ChikiChiki wrote: »

All well and good but Dublin is so ill prepared for the huge opportunities that exist its not even funny. Where will everyone live? How will they commute to work?

We are reactive and not proactive when it comes to planning.

Loads of room outside Dublin. It's time to build it up!

FTA69

biscuithead wrote: »

There's no denying something "might" happen?

I'm absolutely certain that you might win the lottery.

There's no doubt at all that Heidi Klum might give me a blowjob.

Insightful and cutting stuff mate well done. Lord knows where we'd be without such crucial grammatical insights from absolute legends such as yourself.

Keyzer

VinLieger wrote: »

Is there a building that can accomodate 500 people in leitrim or sligo? No? okay someone tell JP Morgan we don't want them then.......

Why on earth would one of the worlds biggest investment banks move from the global financial capital to Leitrim or Sligo? Seriously, cop on will ye.

Ush1

neverever1 wrote: »

Loads of room outside Dublin. It's time to build it up!

You're half right. They need to build up in Dublin.

ChikiChiki

neverever1 wrote: »

Loads of room outside Dublin. It's time to build it up!

I agree actually. Even a new CBD outside the city could be the way forward. Squeezing more businesses into the docklands is not the way. If anything that area should be zoned for high rise residential.

neverever1

Keyzer wrote: »

Why on earth would one of the worlds biggest investment banks move from the global financial capital to Leitrim or Sligo? Seriously, cop on will ye.

Maybe because they want to avoid being stabbed by a junkie?

neverever1

Ush1 wrote: »

You're half right. They need to build up in Dublin.

There's another 25 counties in this state being neglected, let's look after them first and then come back to Dublin.

ArchXStanton

That's all we need...more gangsters in the country

testaccount123

neverever1 wrote: »

There's another 25 counties in this state being neglected, let's look after them first and then come back to Dublin.

JP Morgan arent going to move to Sligo or Leitrim mate. Not now, not ever.

Dr Crayfish

neverever1 wrote: »

There's another 25 counties in this state being neglected, let's look after them first and then come back to Dublin.

No. Let's look at our capital first. The capital is the epicentre of the economy and the country. It needs serious investment if we want to take Ireland forward.

I've never actually met anyone who opposes tall buildings in Dublin? What is it that stops this from happening? Who opposes it?

Fratton Fred

tomwaterford wrote: »

Is there not a massive housing shortage in dublin??


Also when all these banks go belly up 10 years or whenever they fcuk up again.....will ireland have to bail out all the irish subsideries of these banks???

Is the financial regulator still as lax/patetic as that banker from the inquiry pointed out a few weeks ago??

I doubt if even 10% of these new jobs will involve people moving to Ireland, most will be locally recruited finance roles. They already employ 500 people here and there will be expansion space in the New office, so we're only talking 2/300 jobs.

Ireland didn't bail out any Irish subsidiaries of foreign banks last time, the opposite in fact. Ulster bank for example has cost the UK tax payers hundreds of millions and Rabobank spent nearly €1bn bailing out their Irish subsidiary ACC Bank.

JP Morgan aren't a high street bank though, so they won't be lending in Ireland, all they are doing is expanding their Dublin office to keep a nominal foothold in the eu.

topper75

Wanderer78 wrote: »

At least we 'll all benefit from 'trickle down' or the flood, or whatever nonsense it's called nowadays

I don't think 'trickle down' was ever intended to mean that you will earn the same money as them, as some left wing folk might imagine.

I'm pretty sure it means they won't be driving their own cabs, making their own pizzas, or watching films in their own private cinemas etc.

Bring it on.

Viscount Aggro

It will be back and middle office staff, not "investment bankers"
Theres a lot of attrition in this sector, people around the 30 - 40k level.

Wanderer78

topper75 wrote: »

I don't think 'trickle down' was ever intended to mean that you will earn the same money as them, as some left wing folk might imagine.

I'm pretty sure it means they won't be driving their own cabs, making their own pizzas, or watching films in their own private cinemas etc.

Bring it on.

they only problem is, this language is orwellian!

neverever1

testaccount123 wrote: »

JP Morgan arent going to move to Sligo or Leitrim mate. Not now, not ever.

Cork? Galway? Limerick? This Dublin centric thinking is bad news for the rest of the state and also for many living in Dublin.

please helpThank YOU

I would say Limerick the underdog will get a lot of brexit business .

neverever1

Dr Crayfish wrote: »

No. Let's look at our capital first. The capital is the epicentre of the economy and the country. It needs serious investment if we want to take Ireland forward.

I've never actually met anyone who opposes tall buildings in Dublin? What is it that stops this from happening? Who opposes it?

Dublin has had plenty of looking after. Too much. There's more to Ireland than Dublin!

Peregrine

Mr.S wrote: »

They don't really need to do much extra as we're:

- In the eurozone
- Low corporation tax
- English speaking
- Easy to fly to from the US and Europe

The only thing we suck at is infrastructure and housing. But this might kick us into gear if more companies start flowing over from the UK.

Infrastructure and housing takes years to plan and build. The revised Metro North is currently due to be completed in 2026 before the government kick the can down the road again. We let the railway order for DART Underground lapse in 2015 and it has to be designed from scratch now. We're looking at 2030 maybe. The government still hasn't committed to building the M20 to connect our second and third largest cities with a motorway. And the fact still remains that councils and ABP are choking the supply of new apartments in a housing crisis with ludicrous height limits.

You couldn't be more wrong when you say "they don't really need to do a lot more". They do. Infrastructure isn't an afterthought. That's what got us in the mess we're in now. Having the worst transport minister in the history of the state isn't helping either.

testaccount123

People arent going to want to move from London to some provincial town in Ireland. Dublin is already a step down enough for them.

These threads are gas for the delusional culchies thinking bankers will live in their three-pubs-and-a-spar town and left-wing whiners who get annoyed by their narrative of 'everything is terrible' being disrupted by yet more new jobs being created.

testaccount123

neverever1 wrote: »

Dublin has had plenty of looking after. Too much. There's more to Ireland than Dublin!

Not very much more though. The rest of Ireland will be suitable for weekend breaks for the lads.

VinLieger

neverever1 wrote: »

Dublin has had plenty of looking after. Too much. There's more to Ireland than Dublin!

So what would you tell any multinational that might want to move here and setup in Dublin? No thanks..... but we have a lovely field just outside Castlebar that has absolutely zero infrastructure if your interested?

ChikiChiki

Peregrine wrote: »

Infrastructure and housing takes years to plan and build. The revised Metro North is currently due to be completed in 2026 before the government kick the can down the road again. We let the railway order for DART Underground lapse in 2015 and it has to be designed from scratch now. We're looking at 2030 maybe. The government still hasn't committed to building the M20 to connect our second and third largest cities with a motorway. And the fact still remains that councils and ABP are choking the supply of new apartments in a housing crisis with ludicrous height limits.

You couldn't be more wrong when you say "they don't really need to do a lot more". They do. Infrastructure isn't an afterthought. That's what got us in the mess we're in now. Having the worst transport minister in the history of the state isn't helping either.

Lets not make apologies. Infrastructural upgrades should be and needs to be done far quicker than we've ever done it. Just get on with it. Too many people need to be guaranteed their share of the pot. Thats the problem.

neverever1

testaccount123 wrote: »

People arent going to want to move from London to some provincial town in Ireland. Dublin is already a step down enough for them.

These threads are gas for the delusional culchies thinking bankers will live in their three-pubs-and-a-spar town and left-wing whiners who get annoyed by their narrative of 'everything is terrible' being disrupted by yet more new jobs being created.

If they don't want to move then **** them.

The snobbery of the Dubs is hilarious! They think their crime riddled city is the be all and end all. They never set foot in real Ireland!