The European Union could force JP Morgan to move thousands more jobs out of the UK after Brexit, the bank’s chief executive has suggested.
The Wall Street giant has admitted it is planning on moving hundreds of people from the UK to the EU in preparation for Brexit.
Longer term, chief executive Jamie Dimon believes the EU could create rules affecting 75 per cent of its 16,000-strong UK workforce, representing 12,000 jobs.
He believes there is currently too much focus on the “first step”, which will see banks moving jobs away from London to coincide with the Brexit date in March 2017, and not enough thought on the “second step”.
Speaking a a Europlace event in Paris this morning, Dimon said: “What happens next is totally up to the EU, it’s not up to Britain.
“And so once you have that first step, if the EU determines over time that they want to start to move a lot more jobs out of London into the EU, they can simply dictate that. The regulators can dictate it, the politicians can dictate it…
“We have 16,000 people in the UK, but think of it as 75 per cent of that is servicing EU companies. [If] regulators say one day we’re not comfortable - your risk people, your lawyers, your compliance being in the UK - they can make us move them. We will simply be subject to what they do down the road. And hopefully we can handle that and continue to serve our clients in the meantime.”