Bank of America made a big hire for its Irish business ahead of Brexit

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Bank of America Merrill Lynch (BAML) has made a big hire in its Dublin office.

Simon Cahill has joined BAML as a managing director and head of Treasury Risk and Control, chief administrative officer (CAO) and chief financial officer (CFO) risk executive.

Prior to joining BAML, Cahill was the head of Risk Control at Depfa Bank (the German Irish bank which is a subsidiary of Hypo Real Estate). He started his career with Bank of Ireland Corporate and Markets in 1994, and moved to BMO Capital Markets in 1997 and remained there for almost 11 years. He shifted to Irish Bank Resolution Corporation (IBRC) in 2008 where he headed fixed income, repo and financial markets for six years before joining Defpa Bank in 2014.

Cahill's appointment comes at a time when BAML is relocating its banking and market operations in Europe to Dublin from London. It became the first U.S. bank to pick Dublin as its new base for its EU operations ahead of Brexit in March 2019.

As part of its preparation for Brexit, BofA is merging Bank of America Merrill Lynch International, its London-based subsidiary, into its Irish entity based in Dublin. In May this year the bank said it would relocate up to 125 jobs in finance, risk, compliance, technology and credit functions from Britain to Ireland. Earlier this month, Reuters said BofA finished moving its banking and market operations to Dublin from London. The bank will also move about 400 jobs in markets, trading, sales and fixed income teams from London to its new office in Paris early next year.

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