Some JP Morgan UK Staff Will Face Brexit Shuffle

Josh O'Neill Assistant Editor 3 April 2017

Some JP Morgan UK Staff Will Face Brexit Shuffle

JP Morgan last week sent an internal memo to its staff, which detailed some of its initial Brexit contingency plans.

Some of JP Morgan's UK-based staff will have to consider relocating as a result of the nation's divorce from the European Union, according to a memo seen by this publication. 

The Wall Street giant has spent “several months” reviewing the possible impact that Brexit will have on the firm's UK operations, wealth and asset management chief executive Mary Erdoes and corporate and investment bank CEO Daniel Pinto said in a memo to employees. 

“While our objective in the short term is to limit the number of staff moves, there will inevitably be some staff who will be asked to consider relocation,” the memo stated. “Our firm is continuing to plan for any eventual outcome of the upcoming negotiations.”

JP Morgan's announcement comes as several banks, such as Lloyds, are rumoured to be scouring Europe for post-Brexit safe havens.

But the bank says it is well placed to serve clients even if the UK loses its passporting rights across the EU as a result of a hard Brexit.

“In the short term, the firm will leverage our existing legal entity structure, so we can continue to do business immediately after the two-year EU negotiation period,” the memo said. 

JP Morgan says that the UK's departure from the bloc will not deliver a fatal blow to its business because its footprint on the continent gives it a choice of locations and legal entity structure.

However, the bank is said to be in talks to buy a new building in Dublin's city centre, which would accommodate around 1,000 staff, Bloomberg reports. 

Nonetheless, “JP Morgan will maintain a large presence in the UK and continue to serve clients in the EMEA region,” the memo stated. “This is a complex process and we will not rush into any decisions.”


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