JP Morgan BACKTRACKS on scaremongering threat to PULL jobs from Britain after Brexit
THE giant banking firm JP Morgan has performed a huge U-turn on its threat to take thousands of jobs out of Britain after Brexit.
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During the run up to the European Union (EU) referendum, the US multinational firm said as many as 4,000 of the bank's 16,000 jobs based in the country could be moved after the UK's Brussels exit.
On Tuesday, he the head of the bank rowed back on the statement claiming not many would go over the next two years.
Jamie Dimon said the bank is preparing for a hard Brexit in which Britain loses access to EU's single market, disrupting access to its main trading partner.
But Mr Dimon’s stance appears to have changed.
He said in a letter to the US bank's shareholders: “This does not entail moving many people in the next two years."
Mr Dimon also said the chances of the EU breaking up has increased.
JP Morgan boss Jamie Dimon has said not many jobs will be leaving London
Jamie Dimon said the bank is preparing for a hard Brexit
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Regarding Brexit, a key concern is to make sure our company is prepared to support our clients on day one – the first day after the actual Brexit occurs, approximately two years from now
He warned this week the potential failure of the EU project could have a “devastating” economic and political impact.
He said: “Regarding Brexit, a key concern is to make sure our company is prepared to support our clients on day one – the first day after the actual Brexit occurs, approximately two years from now.
“We are confident we will be able to develop and expand the capabilities that our EU subsidiaries and branches will need to serve our clients properly in Europe under EU law. This will require acquiring regulatory approvals, transferring certain technologies and moving some people.”
JP Morgan originally said as many as 4,000 jobs could leave London
He said the EU should focus on “fixing its issues” such as immigration, bureaucracy and rigid labor rules.
Mr Dimon said: “Our fear, however, is that it could instead result in political unrest that would force the EU to split apart.
“We will keep a close eye on the situation in Europe over the next several years.”