JP Morgan working on plan to merge UK private bank into EU wealth arm as part of Brexit preparation

 
William Turvill
Follow William
JP Morgan Buys Ailing Bank Bear Stearns
JP Morgan is planning to move hundreds of jobs from the UK to the EU in preparation for Brexit (Source: Getty)

JP Morgan is working on a plan to merge its UK-based private banking operation into its wider European wealth arm ahead of Brexit.

The Wall Street giant’s plan would see “a small number” of its 1,000 UK-based private bank jobs relocated to elsewhere in Europe, Sky News reported.

The move, under which JP Morgan’s UK wealth management arm would become a branch of its European Union parent, is part of the bank’s wider Brexit contingency planning.

Prior to Brexit in March 2019, the firm is planning to move between 500 and 1,000 jobs from the UK to EU cities including Frankfurt, Luxembourg and Dublin. JP Morgan currently has around 16,000 UK employees.

Brussels-based think tank Bruegel has estimated that the City of London could lose 10,000 banking jobs as a result of last year’s Brexit vote.

JP Morgan declined to comment.

Read more: Frankfurt expects up to 20 banks to commit to city this year over Brexit

Related articles