It is the first US bank to confirm the Irish capital as its preferred residency.

Bank of America, the US' largest wealth manager by assets, has selected Dublin as its post-Brexit European headquarters.

It is the first US bank to confirm the Irish capital as its preferred residency. 

The announcement comes amid reams of media reports speculating over where banking's big players plan to move their operations ahead of Britain's divorce from the European Union, scheduled to occur in March 2019. 

Citigroup has selected Frankfurt its new base for EU trading operations, and reports say Morgan Stanley is also eyeing the German financial hub. 

Banks were asked to submit plans to the Bank of England earlier this month detailing their preparations. 

Many banks plan to set up new shops across Europe and bolster their current operations outside the UK so they can continue servicing EU clients if Brexit disables their passporting rights.

Bank of America has around 700 staff in Dublin and 6,500 in the UK, 4,500 of which are based in London. 

"Dublin is the home of more of our employees than any other European city outside of the UK,” Brian Moynihan, chairman and chief executive of Bank of America, said. "We already have a fully licensed and operational Irish-domiciled bank which, combined with Ireland's strong commitment to business and economic growth, makes Dublin the natural location to consolidate our legal entities as we transition."