JP Morgan: UK could suffer if it quits EU

JP Morgan is warning British trade and diplomatic standing could suffer if the UK leaves the European Union.

The Financial Times reports the bank made a submission to the UK Treasury saying the UK would have greater political sway in crossborder negotiations with the Eurozone if it is past of the EU.

In the submission, JP Morgan EMEA corporate and investment banking co-chief executive Daniel Pinto says the intricacies of writing global rules increasingly called for stronger co-operation across jurisdictions.

“The UK’s objectives for sensible outcomes to cross-jurisdictional disputes are more likely to be achieved as part of the EU, rather than via bilateral discussions,” he says.

JP Morgan’s submission joins a growing chorus of concern from senior City executives about the consequences of Prime Minister David Cameron’s pledged referendum on EU membership.

Some top executives have been privately warning that they would have to move business elsewhere if Britain were to leave the trading bloc.