Bank of America has named Fernando Vicario the next chief executive of its new EU banking hub in Ireland as it puts the finishing touches on its Brexit preparations ahead of the year-end deal deadline.

Mr Vicario, a 25-year veteran of BofA, succeeds Bruce Thompson who is moving back to the US to run a new group managing institutional credit exposure, according to an internal memo seen by the Financial Times. Mr Thompson helped establish the post-Brexit EU banking headquarters in Dublin three years ago.

He is the US lender’s former chief financial officer while Mr Vicario has held a variety of senior investment banking roles in Europe.

Global investment banks have been finalising their new corporate structures with the UK set to lose unencumbered access to EU financial markets after Brexit, whether or not a trade deal is struck by the end of 2020.

Last month, JPMorgan Chase moved about €200bn of assets relating to European clients from the UK to Frankfurt with a cautious eye on a no-deal outcome. 

BofA was one of the first US banks to establish its post-Brexit EU headquarters outside of London, picking Dublin in 2017. It has increased the number of staff there to about 800, from 700 three years ago.

The office in Ireland mostly houses staff working in finance, risk, compliance, audit and wholesale credit. BofA also has a trading centre in a new office in Paris with room for 1,000 staff.

Mr Vicario, who will also become chief country officer for Ireland, will report to Anne Finucane, chair of BofA Europe, and Bernard Mensah, international president of the lender, the memo said.

In a separate email to staff, BofA said Richard King will take over from Mr Vicario as head of Emea corporate banking, and Simeon Stevens will replace Mr King as head of UK corporate banking.

Get alerts on Bank of America Corp when a new story is published

Copyright The Financial Times Limited 2020. All rights reserved.
Reuse this content (opens in new window)

Follow the topics in this article