Brexit: Hundreds to move from London 'before day one'
JP Morgan is planning to move hundreds of London-based staff to offices in Dublin, Frankfurt and Luxembourg in a move that will help secure its EU business after Brexit.
The US banking giant confirmed comments made by Daniel Pinto, head of JP Morgan's corporate and investment bank, who said a "substantial portion of the business" in London will have to be moved to the bloc.
"We are going to use the three banks we already have in Europe as the anchors for our operations," he told Bloomberg on the sidelines of the Euromoney conference in Saudi Arabia.
JPMorgan is expected to set up new EU hubs in Dublin, Frankfurt and Luxembourg in order to serve EU clients after Brexit, when Britain is expected to lose EU passporting right for financial services.
"We will have to move hundreds of people in the short term to be ready for day one, when negotiations finish, and then we will look at the longer-term numbers," Mr Pinto said.
It is understood both front and back office staff will be affected by the relocation drive, which is expected to take place by spring 2019, when the two-year window for Brexit negotiations draws to a close.
Mr Pinto said: "We have to plan for a scenario where there is no UK-EU passporting deal, and we have to move a substantial portion of our business to continue serving our European clients."
Meanwhile, Standard Chartered has reportedly confirmed it has contacted German regulators about plans to set up a Frankfurt subsidiary that will similarly safeguard its European business.