FILE PHOTO: A J.P. Morgan building is seen at Canary Wharf in London, Britain May 17, 2017. REUTERS/Stefan Wermuth/File Photo
July 5, 2018
By Sinead Cruise
LONDON (Reuters) – JPMorgan Chase & Co <JPM.N> has asked “several dozen” employees to lead a first wave of relocations from the UK to continental Europe by early next year, as it pushes the button on plans to protect its business post-Brexit, according to a memo sent to staff on Thursday and seen by Reuters.
The memo, the first Brexit-related mass communication to JPMorgan’s 16,000-strong UK workforce this year, highlights the organizational and strategic challenges facing global banks as they prepare for Britain’s exit from the European Union.
It comes a day before Prime Minister Theresa May is due to host crunch talks with ministers at her country residence Chequers on how she wants to shape Britain’s future trading relationship with the soon-to-be 27-member club.
Signed by Daniel Pinto, chief executive of JPMorgan’s Corporate & Investment Bank and Mary Erdoes, chief executive of the bank’s Asset & Wealth Management division, the email also outlined JPMorgan’s plans to beef up its presence in several other EU cities including Paris, Madrid and Milan.
(editing by Silvia Aloisi)
