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Jamie Dimon, chairman and chief executive of the Wall Street giant, said that the bank will need to obtain licences and permissions to operate across the EU, but that it can still service European clients from the UK.
“This does not entail moving many people in the next two years,” he said in a letter to the US investment bank’s shareholders.
This contrasts starkly with his previous warning last June - given in a speech alongside George Osborne in JP Morgan's offices in Bournemouth just weeks before the referendum - that thousands of its 16,000 UK jobs could be moved.
Rather than seeing Britain as a basket case for leaving the EU, Mr Dimon now fears that if the EU fails to address its own problems then the union could break up, with much more serious economic consequences. [...]
He said the bank is now preparing for “a hard exit by the United Kingdom – it would be irresponsible to presume otherwise.”
“While this does not entail moving many people in the next two years, we do suspect that following Brexit, there will be constant pressure by the EU not to ‘outsource’ services to the United Kingdom but to continue to move people and capabilities into EU subsidiaries.” [...]