Friday 23 February 2018

JP Morgan to move hundreds of staff to Dublin because of Brexit

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

Donal O’Donovan

US banking giant JPMorgan has confirmed it will move hundreds of staff from London to Dublin, Frankfurt and Luxembourg as a result of Brexit.

"We are going to use the three banks we already have in Europe as the anchors for our operations," Daniel Pinto said in an interview Tuesday in Saudi Arabia.

"We will have to move hundreds of people in the short term to be ready for day one, when negotiations finish, and then we will look at the longer-term numbers," Pinto said, Pinto is the CEO of the bank’s corporate and investment banking arm.
 

The bank is one of dozens of major finance houses preparing plans for a future when it may be harder for London regulated firms to sell services into the EU.

Before the Brexit referendum last June JPMorgan CEO Jamie Dimon said that as many as 4,000 UK staff could be relocated in the event of Brexit. In January, he said that number could be higher -- or lower -- depending on how the government’s negotiations played out.

"We have to plan for a scenario where there is no UK-EU passporting deal, and we have to move a substantial portion of our business to continue serving our European clients," Pinto said. "We’ll have to wait to see what kind of deal can be achieved and see what we need to do from there."

Other banks have yet to decide where in the EU they will pitch their future businesses. UK based Standard Chartered Plc and Barclays are thought to be considering the Irish capital for their EU base, while US giants Goldman Sachs and Morgan Stanley are weighing Germany’s financial hub.

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