JPMorgan triggers EU talent transfer

JPMorgan has asked “several dozen” employees to lead a first wave of relocations from Britain to continental Europe by early 2019, kicking off plans to protect its business postBrexit, a memo to staff shows.

In its first Brexit-related mass communication to its 16,000-strong workforce in the UK this year, JPMorgan highlights the organisational and strategic challenges facing global banks as they prepare for Britain’s European Union exit.

It comes a day before Prime Minister Theresa May is due to host crunch talks with ministers at her country residence Chequers on how she wants to shape Britain’s future trading relationship with the soon-tobe 27-member club.

Signed by Daniel Pinto, chief executive of JPMorgan’s Corporate & Investment Bank and Mary Erdoes, chief executive of the bank’s Asset & Wealth Management division, Thursday’s email also outlined JPMorgan’s

plans to beef up its presence in other EU cities including Paris, Madrid and Milan.

Until now, the Wall Street heavyweight was broadly expected to focus on expanding its Frankfurt, Luxembourg and Dublin bases, where it already holds banking licenses.

A spokesman for JPMorgan confirmed the authenticity of the memo, which was also sent to its staff in continental Europe, Middle East and Africa, but declined to comment further.