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July 6, 2018

JPMorgan to relocate dozens of staff out of UK in Brexit plan

US banking group JPMorgan has asked several dozens of its employees to start relocating out of London as it prepares for Britain’s departure from the European Union in March 2019.

The relocation is expected to take place later this year or early next year, according to a memo sent to employees.

The bank now plans to strengthen presence in Madrid, Paris, and Milan, alongside Dublin, Frankfurt and Luxembourg where it has banking licences.

Overall, the bank aims to move or add a few hundreds of employees to its EU offices before Brexit.

However, the memo said that the timing of the moves is “entirely dependent on whether an agreed transition arrangement is finally confirmed”.

“Just as we are working to minimise disruption for our clients, we are looking to do the same for our people. We want to avoid affecting the lives of employees and their families with changes that could prove to be unnecessary or premature, as long as political negotiations and regulatory outcomes remain unclear,” the memo read.

JPMorgan CEO Jamie Dimon first warned of axing up to 4,000 jobs in the UK just before the June 2016 referendum. The bank employs 16,000 staff in the region.

 

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