LONDON (AP) — The head of investment banking for JPMorgan Chase & Co. says the bank will move hundreds of jobs from London to Dublin, Frankfurt and Luxembourg as Britain prepares to leave the European Union.
Daniel Pinto told Bloomberg News on Tuesday some will move "in the short term to be ready for day one." More may follow.
Some international banks have used the U.K. as a jumping off point to conduct business across the EU under an arrangement known as "passporting." But the banks could lose access to the other 27 EU countries if Britain opts to break away from the EU single market.
JPMorgan CEO Jamie Dimon has told employees in the past that as many as 4,000 people could be relocated depending on how the Brexit negotiations play out.