JPMorgan CEO Jamie Dimon warned that the bank may no longer be able to passport its services in case of Brexit.
If the referendum scheduled for this month will be in favour of Brexit, then the bank may need to cut jobs in the United Kingdom. Dimon also mentioned that Britan’s exit will only cause uncertainty for the country and EU economies.
The American Banker visited JPMorgan’s offices in Bournemouth, near London. The bank currently has six offices and over 16,000 employees.
Dimon declared that Brexit would mean a re-organization of their business model in the UK and possibly switching to other countries in Europe.
Besides JPMorgan, BSBC Holdings Plc would move its investments to a different country in case of Brexit. Stuart Gulliver mentioned that Paris would be an alternative.