The Bank of America Merrill Lynch (NYSE: BAC) plans to relocate up to 125 jobs to Ireland as part of the group’s Brexit contingency plans.

The bank announced the plans as part of the merger between its UK and Irish subsidiaries as last year the group confirmed that Ireland would be its post-Brexit hub. The group has said that more relocations in the future will be likely.

“Any employee impacted by the… relocations who declines an invitation to relocate to Ireland will be considered for suitable alternative employment, failing which they may be made redundant,” said the lender.

“Depending on the legal and regulatory regime that may apply to (the company) following Brexit and the rules applying during any transition period” it is likely that additional roles currently carried out by UK employees may be moved to other jurisdictions,” they added.

The relocations will be made in July and the 125 control and support function roles will be made up of voluntary relocations along with new hired made in Ireland.

The lender also said that it plans to move some jobs to France and Germany, where it already has a presence.

The Bank of America Merrill Lynch has 700 staff in Dublin and 6,500 staff based in the UK, mainly in London and Chester.