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JP Morgan Tight-Lipped Over Reported Plans To Fold UK Private Bank Into EU Wealth Arm
The reported move is part of the bank's wider Brexit contingency plans.
JP Morgan was
reticent about recent media reports claiming it plans to merge
its UK-based private bank into its European wealth operation
ahead of Brexit to ensure it can serve European clients in the UK
after the split.
Sky News said it had learnt from sources that the Wall
Street giant was working on the merger, which would see its UK
wealth unit become a branch of its new EU parent.
Sources reportedly said that if the merger went ahead, “a small
number” of JP Morgan's roughly 1,000 British-based private
banking jobs being reolcated to Europe.
A spokesperson for JP Morgan's Private Bank declined to
comment.
The move, which intends to enable JP Morgan to continue serving
European clients in the UK after its divorce from the bloc, forms
part of its wider contingency planning.
A number of alternatives to the private bank merger were also
considered, according to Sky News.
