JP Morgan Looks to Beat the Brexit Curve
Hundreds of London Jobs Heading to Dublin, Frankfurt and Luxembourg
JP Morgan had previously warned prior to Brexit that it would need to move up to 4,000 jobs to the bloc if the UK left the European Union. The bank is now preparing for hundreds of employees to move ahead of Brexit in Spring 2019, with a further decision on the fate of many more to be decided later.
CEO David Pinto noted in a recent statement, “We are going to use the three banks we already have in Europe as the anchors for our operations.”
JP Morgan made good on that promise this week with the purchasing of an office building in Dublin that can accommodate up to 1,000 employees.
Pinto went on to say, “We have to plan for a scenario where there is no UK-EU passporting deal, and we have to move a substantial portion of our business to continue serving our European clients.”
JP Morgan is just the latest of the top global banks making Brexit moves. HSBC and UBS have also suggested they could move up to 1,000 jobs out of the UK.
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