Wall Street bank JP Morgan is planning to move hundreds of employees from London into the rest of Europe in the “short term” as it prepares for the UK to leave the Single Market.
Head of investment banking Daniel Pinto said the firm needs to be “ready for day one”, when Brexit negotiations between the UK and EU end.
The bankers will be moved to Dublin, Frankfurt and Luxembourg.
“We are going to use the three banks we already have in Europe as the anchors for our operations,” he told Bloomberg.
“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.”
Before the EU referendum, JP Morgan chief executive Jamie Dimon said that up to 4,000 jobs could be moved from the UK if the nation voted for Brexit.