BREXIT: JPMorgan to move massively staff out of London

Dublin, Frankfurt and Luxembourg, new destinations for bankers

JPMorgan Chase & Co. plans to move hundreds of London-based bankers to expanded offices in Dublin, Frankfurt and Luxembourg as it prepares for the U.K. to lose easy access to the European Union’s single market after Brexit, the firm’s head of investment banking said.

“We are going to use the three banks we already have in Europe as the anchors for our operations,” Daniel Pinto said in an interview Tuesday in Riyadh, referring to the New York-based firm’s local entities. “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.”

http://www.bloomberg.com…  Wed.,  03 May 2017