JPMorgan set to move hundreds of staff from United Kingdom over Brexit

Cheryl Sanders
May 3, 2017

"We are going to use the three banks we already have in Europe as the anchors for our operations", Pinto said, referring to Dublin, Frankfurt and Luxembourg. Standard Chartered is in talks with regulators about making Frankfurt its European base to secure market access to the European Union when Britain leaves the bloc.

Even so, Standard Chartered's decision to outline concrete plans to deal with Brexit so soon after the United Kingdom triggered Article 50 underscores the urgency with which banks are tackling the issue.

"We will have to move hundreds of people in the short-term to be ready for day one, when negotiations finish, and then we will look at the longer-term numbers".

"We have looked at a number of locations but the choice of Frankfurt was very natural", bank chairman Jose Vinals said.

JPMorgan Chase plans to move hundreds of London-based bankers to expanded offices in Dublin, Frankfurt and Luxembourg as it prepares for the United Kingdom to lose easy access to the European Union's single market after Brexit, the firm's head of investment banking said.

Pinto said the bank has to plan for a scenario where there is no UK-EU passport deal.

It is understood both front and back office staff will be affected by the relocation drive, which is expected to take place by spring 2019, when the two-year window for Brexit negotiations draws to a close.

As well as JPM, other banks including Standard Chartered, Deutsche Bank, Goldman Sachs and Morgan Stanley have indicated they could relocate positions.

Barclays told the BBC last week the bank was preparing to add hundreds of staff to offices in Dublin, Frankfurt and Milan to counter Brexit risks to its European business.

A JP Morgan Chase spokesperson confirmed Mr Pinto's remarks, but did not elaborate on the story.

Last year, JPMorgan's Chief Executive Officer (CEO) Jamie Dimon had warned employees in the United Kingdom that as many as 4,000 could be relocated in the event of Brexit, a revelation that materialized following the country's referendum, negotiations, and eventual triggering of Article 50.

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