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.