JP Morgan’s chief executive Jamie Dimon has wasted no time in telling staff what will happen at the bank now the UK has voted for Brexit
Jamie Dimon, chairman and chief executive of JP Morgan, is wasting no time in reassuring staff and investors that the bank isn't about to abandon its UK operations in a post-Brexit world.
In a memo sent to staff this morning following the UK's unexpected vote to leave the European Union, Dimon said the US-based bank "will maintain a large presence in London, Bournemouth and Scotland".
The note was signed by Dimon, its asset management boss Mary Erdoes, and investment bank chief executive Daniel Pinto.
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Here is the note in full:
British citizens voted yesterday to begin a new, independent relationship with the European Union. This decision is a seminal moment in European politics and in the history of the United Kingdom.
JP Morgan has 16,000 employees in the UK We are extremely proud of the work they do and our long history in the country. Regardless of today's outcome, we will maintain a large presence in London, Bournemouth and Scotland, serving local clients as we have for more than 150 years.
The framework of the U.K.'s engagement with the EU, including trade agreements, will be negotiated over a period of years. For the moment, we will continue to serve our clients as usual, and our operating model in the UK remains the same.
In the months ahead, however, we may need to make changes to our European legal entity structure and the location of some roles. While these changes are not certain, we have to be prepared to comply with new laws as we serve our clients around the world. We will always do our best to take care of our people and do the right thing during times of change.
We recognise the potential for market volatility over the next few weeks and we are ready to help our clients work through it. As of today, there are no changes to the structure of our clients' relationships with JP Morgan Chase or their ability to work with our firm, but again this may change in the coming months or years.
We are hopeful that policymakers will recognise the immense value created through a continued open economic engagement between the UK and EU members. As negotiations offer more clarity over the coming months, we will communicate with you and with our clients regarding any relevant changes.
Dimon has previously said JP Morgan could move some of its 16,000 UK staff to Europe if Brexit happens.
Other global investment banks have made similar warnings over recent weeks and months, including Goldman Sachs, HSBC, and Deutsche Bank.
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