JPMorgan CEO Jamie Dimon has said the bank will not move many employees out of the UK in the next two years in the wake of Brexit.
In a letter to shareholders, Dimon said: “We are confident we will be able to develop and expand the capabilities that our EU subsidiaries and branches will need to serve our clients properly in Europe under EU law. This will require acquiring regulatory approvals, transferring certain technologies and moving some people.
Go deeper with GlobalData
“While this does not entail moving many people in the next two years, we do suspect that following Brexit, there will be constant pressure by the EU not to ‘outsource’ services to the UK but to continue to move people and capabilities into EU subsidiaries.”
The latest statement contradicts Dimon’s earlier warning of axing up to 4,000 banking jobs in the UK in the event of Britain electing to quit the European Union. The warning was issued early in June 2016 before the Brexit referendum.
Dimon also said that the bank is preparing for a hard Brexit where Britain loses access to EU's single market.
Dimon also noted that Brexit will lead to political unrest, which in turn would compel the EU to split apart.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“While we are not predicting this will happen, the probabilities have certainly gone up – and we will keep a close eye on the situation in Europe over the next several years,” he said.
