JP Morgan: 4,000 jobs could move due to Brexit

JP Morgan may look to restructure following Brexit

J.P Morgan will look at moving up to 4,000 jobs as a result of Brexit according to CEO Jamie Dimon.

In an internal memo seen by The Trade’s sister title, Global Custodian, CEO Dimon, head of corporate and investment bank and JPMC head of EMEA Daniel Pinto and Mary Erdoes, head of asset management confirmed that roles may need to be moved following the EU referendum.

“In the months ahead we may need to make changes to our European legal entity structure and the location of some roles. While these changes are not certain, we have to be prepared to comply with new laws as we serve our clients around the world,” said the memo.  

JP Morgan, which has 16,000 employees in the UK, had previously suggested prior to the referendum that between 1,000 and 4,000 jobs may have to move abroad in the event of a Brexit.

The bank said it hoped that policymakers will recognise the ‘immense value’ between UK and EU members.

The memo also claimed that further changes may arise in client relationships as a result.

“We recognise the potential for market volatility over the next few weeks and we are ready to help our clients work through it. As of today, there are no changes to the structure of our clients’ relationships with JPMorgan Chase or their ability to work with our firm, but again this may change in the coming months or years.”