Wells Fargo & Co. is considering conducting its European business in both Paris and Dublin as it prepares to move some operations from London after the U.K. leaves the European Union, the Financial Times reported, citing people familiar with the matter.
If Wells Fargo chooses two post-Brexit hubs, it would join a growing list of banks that opted against a single alternative base. Goldman Sachs Group Inc. picked Paris and Frankfurt, while Bank of America Merrill Lynch selected Paris and Dublin.
Wells Fargo currently has 170 staff in Dublin and 30 staff in Paris. It is unclear how many London jobs will be affected by the bank's plan to shift some of its businesses to post-Brexit hubs, the report said.
Wells Fargo has not yet made a final decision as it is still weighing a number of factors such as regulation and costs, according to the report.
