Brexit could be “tough on the British people” says JP Morgan CEO

JIM LO SCALZO

Jamie Dimon (C), chairman of the board, president and CEO of JPMorgan Chase & Co., prepares to testify before a Senate Banking, Housing and Urban Affairs Committee hearing about JP Morgan's massive trading losses in the Dirksen Senate Office Building in Washington, DC, USA, 13 June 2012.

Brexit could be “tough on the British people” says JP Morgan CEO


Share on Facebook
Share on Twitter
Share on Google+
Share on LinkedIn
+

In an interview with Italy’s Il Sole 24 daily, JPMorgan Chase chief executive Jamie Dimon said Brexit could be “tough for the British people.”

He added that he expects a number of businesses to relocate across Europe in the aftermath of Brexit. Naturally, this process of disengagement will be negative for the global growth and Brexit will ultimately “hurt everyone a bit.”

Dimon has warned that JP Morgan’s 16,000 UK employees could be reduced to 4,000 by the end of the year, while several of them have been asked to voluntarily relocate by the end of 2018.

JPMorgan had banking licences in Frankfurt, Dublin and Luxembourg and was adding staff in other locations including Paris, Madrid and Milan, it said in a memo to UK staff last week.

Share on Facebook
Share on Twitter
Share on Google+
Share on LinkedIn
+