Bank of America Merrill Lynch International income up by $240m

Profits up $76m after merger to increase branch numbers across Europe due to Brexit

 Dublin-registered BAMLI now has branches in Frankfurt, Amsterdam, Brussels, Paris, Zurich, Madrid and Milan. File photograph: Michael Nagle/Bloomberg/Getty Images

Dublin-registered BAMLI now has branches in Frankfurt, Amsterdam, Brussels, Paris, Zurich, Madrid and Milan. File photograph: Michael Nagle/Bloomberg/Getty Images

 

Dublin-based Bank of America Merrill Lynch International DAC (BAMLI) saw its total operating income leap from $14 million (€12.5 million) to $252 million last year on the back of the recent merger, which occurred as a response to Brexit. Accounts show the company recorded pre-tax profits of $76 million for last year.

Up until December 1st, 2018, the company only had its head office in Dublin with a single branch in London. However, in response to Brexit and in order to have a scalable EU-domiciled credit institution owned by immediate parent, Bank of America National Association (BANA), the business carried out a merger that resulted in the addition of seven units across Europe to its Dublin headquartered business.

As a result, BAMLI now counts branches at Frankfurt, Amsterdam, Brussels, Paris, Zurich, Madrid and Milan among the Dublin-registered business.

The merger resulted in the numbers employed by the firm increasing from 18 to 613 with staff costs increasing from $8 million to $98 million.

The accounts show that 582 of staff are engaged in support, operations and technology with 31 engaged in trading, sales and advisory.

The company’s total equity at the end of December last stood at $11.38 billion – more than five times the total equity of $2.2 billion at the end of December 2017.