Wednesday 26 October 2016

JP Morgan on Brexit: 'Worst case scenario we move a few thousand out of London'

Published 07/07/2016 | 11:32

JPMorgan offices in Canary Wharf, London
JPMorgan offices in Canary Wharf, London

JPMorgan Chase and Co has warned that it may have to move a few thousand of its London-based staff to other eurozone offices as a result of Brexit.

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In an interview with Italian newspaper Il Sole-24 Ore, the bank's boss Jamie Dimon said he is still unsure what is going to happen but maintains the majority of its staff was set to stay in the UK.

"The worst case is that we might have to relocate a few thousand people to other offices in the Eurozone," Mr Dimon told the newspaper.

Amongst the questions posed by the banking chief was whether or not the UK could maintain the passport rule in its exit negotiations with the EU.

Under current legislation, firms with operations in the UK are able to sell their services to the other member states.

Mr Dimon conceded that if that ability wasn't maintained he may look to move some of the bank's 16,000-strong UK staff elsewhere.

The New Yorker also believes that the outcome of the vote could be reversed saying the country could still be incentivised to stay within the union.

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