One of the biggest banks in the world, JP Morgan is said to be moving hundreds of London-based staff to Ireland, Germany and Luxembourg because of Brexit.
Speaking to Bloomberg, the head of JPMorgan’s corporate and investment bank, Daniel Pinto, said:
“We are going to use the three banks we already have in Europe as the anchors for our operations”.
The new office will more than likely be based and Dublin.
“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”, Pinto said.
The relocation is expected to take place over the next year and a half.
Pinto said: “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.”