Hundreds of Canary Wharf-based bankers may leave London as JP Morgan prepares for Brexit.
The investment banking giant , which has its European headquarters in Bank Street, is looking to relocate jobs to Dublin, Frankfurt and Luxembourg should the UK lose easy access to the single market.
JP Morgan’s head of investment banking, Daniel Pinto, told Bloomberg on May 2: “We are going to use the three banks we already have in Europe as the anchors for our operations.
“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.”
He added: “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.
“We’ll have to wait and see what kind of deal can be achieved and see what we need to do from there.”
The news comes less than a month after it was reported that the European Banking Authority and European Medicines Agency, both based in Canary Wharf, could be relocating post-Brexit.
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