Bank boss revives fears of mass jobs exodus in wake of an unfavourable Brexit
BANKING chiefs have issued fresh warnings over Brexit, with JP Morgan poised to shift more than 4,000 UK staff abroad in a worst-case divorce, while the boss of Barclays has bemoaned its impact on the British economy.
Chief executive Jamie Dimon revived fears of a mass exodus of JP Morgan bankers as he upped previous estimates for the number of UK-based staff who would be forced to relocate if negotiators failed to gain a favourable Brexitdealforfinancialservices.
“If we can’t find reciprocal recognition of rules — and there are a lot of people who are mad with the Brits for leaving and want their pound of flesh — then it could be bad,” Mr Dimon told the BBC. “It could be more than 4,000,” he added.
That would account for more than a quarter of the company’s near-16,000 UK workers.
The Wall Street banking boss said in the wake of the Brexit vote that around 4,000 jobs
could leave the UK, but that figure was later lowered, with JP Morgan expected to move between 500 and 1,000 staff to cities including Frankfurt, Dublin and Luxembourg in order to secure its EU business.
Mr Dimon was among a raft of politicians, celebrities and business leaders at the World Economic Forum’s annual meeting in Davos, Switzerland, this week.
Speaking on the sidelines of the high-profile event, Barclays chief Jes Staley lamented Brexit’s impact on the UK.