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.