Mark Garvin, vice chairman of JPMorgan’s corporate and investment banking business, gave the figure to the House of Commons Treasury Committee on 11 September, as reported by the Independent.

The exact number of positions that will migrate depends on the final deal struck between Brussels and London, Garvin said. In any event, a number of jobs will move, as the bank began planning for a post-Brexit world in 2016.

The newspaper quoted Garvin as telling MPs:

“We are now in full execution mode….

“We are in the very advanced phases of execution, in fact. A number of these initiatives are already in flight and in many cases we have passed the point of no return--they are happening.”

4,000 out of 16,000 UK jobs could move, he stated.

Some of the roles are moving to this country. JP Morgan said this week that it would move its European wealth management business to Luxembourg and “enhance capabilities” at its treasury and its custody and fund service operations in the grand duchy.

JPMorgan told the Financial Times “that the wealth management business will continue to have a significant presence in London.”

“JPMorgan’s European investment banking and markets businesses will be based in Frankfurt,” reported Zacks Equity Research.