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JP Morgan to move hundreds of UK jobs over Brexit

Business & Economy 03 May 2017
JP Morgan to move hundreds of UK jobs over Brexit

JP Morgan to move hundreds of UK jobs ahead of Brexit

The US investment bank said it would start moving roles to EU hubs to be ready for when Brexit talks come to a conclusion.

Image: JP Morgan warned before the referendum that Brexit would mean jobs leaving the UK

JP Morgan is planning to move hundreds of London-based jobs to Dublin, Frankfurt and Luxembourg ahead of Brexit.

Daniel Pinto, head of the Wall Street firm's corporate and investment bank, told Bloomberg that a "substantial portion of the business" in the capital would have to be moved to the bloc.

Hundreds would have to go in preparation for when Brexit talks conclude in spring 2019 with a further decision then to be taken over longer-term numbers, he said.

The comments at a conference in Saudi Arabia were confirmed by the bank.

JP Morgan had warned prior to last June's referendum that it would have to move up to 4,000 jobs overseas if the UK left the EU.

The latest comments reveal where jobs would go and offer a little more clarity about numbers involved.

Mr Pinto said: "We are going to use the three banks we already have in Europe as the anchors for our operations."

Hubs are to be set up in Dublin, Frankfurt and Luxembourg to serve EU clients as Brexit is expected to result in UK-based financial firms losing "passporting" rights that allow them to sell their services freely across Europe.

Mr Pinto said: "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.

"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."

It is the latest major international bank to indicate how Brexit will affect UK jobs.

HSBC and UBS have suggested they could each move 1,000 roles out of London while Deutsche Bank is considering moving up to 4,000 staff to Frankfurt.

But Barclays boss Jes Staley has said that London will remain Europe's pre-eminent financial centre even after Britain leaves the EU.

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