JPMorgan CEO Jamie Dimon has warned that it may have to move more employees out of London than originally planned because of Brexit if ordered to do so by the European Union (EU).

Speaking at a conference in Paris, Dimon warned of moving several hundred jobs from the UK, where it employs 16,000 staff.

“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,” he said.

Right before the Brexit in June 2016, Dimon warned of 4,000 banking job cuts in the UK if Britain chose to quit the EU. However, in April 2017, it backtracked on its warning saying that will not move many employees out of the UK in the next two years.

At the same time, Dimon said that the relocated employees could be spread out all over Europe, even though the bank has zeroed in on Frankfurt as its legal hub.

“Where your legal entity is based is not where your people are based. The people could be in Paris, in the Netherlands, or Madrid or anywhere in the EU. We haven’t decided yet,” he noted.

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