Bank of America’s wealth management division Merrill Lynch has decided to relocate up to 125 employees to Ireland as a part of its efforts to restructure its banking business in Europe owing to UK’s exit from European Union (EU).

According to a corporate filing, the bank will move its staff from the finance, risk, compliance, credit and technology functions.

The relocation process, to start in July and continue till December this year, is expected to be a combination of staff relocations and new hires, reported Reuters.

The bank has also decided to merge its London-based subsidiary Bank of America Merrill Lynch International into a new entity based in the Irish capital Dublin, under its preparations for Brexit.

Bank of America noted that it may carry out another phase of job relocations based on results of UK’s negotiations with the EU.

The majority of this second phase of relocations will be in France, Germany and also in Ireland.

Bank of America Merrill Lynch is planning to recruit more employees in Dublin when it announced its Brexit plans last year.

The choice of Dublin will help it to cater to its clients in the UK, which is due to leave EU by March next year.