A JP Morgan memo published in the press last week outlined plans to increase its presence in EU cities including Paris, Madrid and Milan
Photo: Maison moderne/archives
JP Morgan has asked several dozen London staff to consider relocating to the European continent by early 2019 in advance of Brexit.
According to a memo emailed to JP Morgan’s 16,000 employees and obtained by Reuters, the firm highlights the strategic challenges of global banks preparing for Britain’s departure from the EU. It furthermore outlined plans to increase its presence in EU cities including Paris, Madrid and Milan.
Bloomberg, meanwhile, says the employees being asked to relocate come from the asset management and investment banking unites, among others. Bloomberg further added that JP Morgan was strengthening operations in “Dublin, Frankfurt and Luxembourg, where it has banking licences, according to the memo”.
Citing the memo on Thursday, Bloomberg wrote that the “timing of these further moves is entirely dependent on whether an agreed transition arrangement is finally confirmed.”
JP Morgan is one of several banks, including Citibank and Northern Trust, with a presence in Luxembourg that are planning to make the grand duchy their European subsidiary.
On 5 July, Delano cited ABBL CEO Serge de Cillia as saying that banks were not waiting to see what would happen after Britain leaves the European Union. “Clients cannot accept this kind of uncertainty, so banks are taking steps,” he said, adding: “They are moving portfolios and certain activities to Luxembourg, Dublin and Frankfurt.”