JPMorgan's Dimon Says EU May Force More Brexit Moves Later

 

We’re going to have to move several hundred jobs" on day one, which is pretty easy, Dimon said Tuesday at a conference in Paris. “I think people should focus more on the second step. If the EU determines over time that they want to move a lot more jobs out of London into the EU, they can simply dictate that."

 

“If regulators say one day we’re not comfortable with your risk people, your lawyers, your compliance being in the U.K. they can make us move it,” Dimon said. “We will be subject to what they do down the road and hopefully we can handle that and continue to serve our clients in the meantime.”

The firm’s EU investment banking operations will likely be based in Frankfurt, while custody will be located in Dublin and treasury services will be handled in Luxembourg, a person familiar with the bank’s plans said in March. JPMorgan will initially move between 500 and 1,000 staff to the three cities and others in the region, the person said at the time.

https://www.bloomberg.com/news/articles/2017-07-11/dimon-says-europe-could-force-more-brexit-moves-after-first-step