JP Morgan could move all of its European business out of London, warning that there would be “few winners” from Brexit.
Boss Jamie Dimon said the move would affect most of its 12,000 staff based in London, but any such move would be “many years out”.
He added that that London will need to “adapt and reinvent itself” after Brexit.
According to Dimon no one market would benefit from London’s decline, but instead financial services would fragment across multiple cities, including Amsterdam, Frankfurt, Paris and Dublin.
