JP Morgan is planning to relocate hundreds of its London-based employees to its offices in Dublin, Frankfurt and Luxembourg, the firm’s head of investment banking has said.
Daniel Pinto said the firm is preparing for a post-Brexit scenario whereby the UK does not have easy access to the European Union’s single market, Bloomberg reports.
“We are going to use the three banks we already have in Europe as the anchors for our operations,” Pinto said in an interview in Riyadh on Tuesday. “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.”
He added: “We have to plan for a scenario where there is no UK-EU passporting deal, and we have to move a substantial portion of our business to continue serving our European clients. We’ll have to wait to see what kind of deal can be achieved and see what we need to do from there.”
Before the June referendum, JP Morgan CEO Jamie Dimon told UK employees that around 4,000 could be relocated in the event of Brexit.
Other global banks are also preparing to move their London-based operations to the EU ahead of the UK’s exit from the bloc in March 2019. Last week Deutsche Bank AG said it may move 4,000 staff from London, Goldman Sachs said it is likely to begin relocating positions next year and Barclays said it will activate its contingency plan within six months.