Wells Fargo is eyeing a plan to use both Paris and Dublin as its post-Brexit hubs in Europe, becoming the latest global bank to prepare to shift some operations from London.
The bank’s European business that could no longer be done in the UK after the country leaves the EU would be conducted in both the French and Irish capitals, according to people familiar with the matter.
No final decision had been taken by Wells, the third-biggest US bank by assets, the people said. The company as well as the regulators Banque de France and Central Bank of Ireland all declined to comment.
If it opts against a single alternative base, Wells would adopt a similar approach as several other banks. Goldman Sachs is dividing the Brexit spoils between Paris and Frankfurt while Bank of America Merrill Lynch chose Paris and Dublin.
Such moves reinforce the view that financial services previously based in London will fragment across different European cities, rather than transfer to a sole centre. [...]
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