JP Morgan will likely relocate more employees than initially thought following the UK’s decision to leave the European Union, according to its chief executive officer.
Speaking to Bloomberg at the World Economic Forum in Davos this week, Jamie Dimon explained: “It looks like there will be more job movement than we’d hoped for.”
When asked about where the jobs would be moved to and how many employees he expects will be relocated, Dimon said the UK’s decisions throughout the negotiation process would determine this.
“We don’t know yet, it depends on the law and equivalency. The EU could put in very stringent rules which require some of those jobs to move into the EU… It depends on what they come up with,” he said.
Immediately following the EU referendum result in June last year, Dimon said JP Morgan will look at moving up to 4,000 employees as a result of Brexit.
JP Morgan’s chief concluded he has no choice but to relocate staff, although he does not want to move employees out of the UK.
“We don’t want to; it’s not a threat. It’s a fact that we will simply have to accommodate the new requirements,” he said.