JPMorgan Says It’s Inevitable That Staff Will Move Due to Brexit
Alert: HALISTER
Source: BFW (Bloomberg First Word)
Tickers
JPM US (JPMorgan Chase & Co)
People
Daniel Pinto (JPMorgan Chase & Co)
Mary Erdoes (JPMorgan Chase & Co)
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UUID: 7947283
(Bloomberg) -- Bank’s objective is to limit disruption but “there will inevitably be some staff who will be asked to consider relocation,” according to internal memo from investment bank head Daniel Pinto and asset management CEO Mary Callahan Erdoes seen by Bloomberg News.
- JPMorgan will “maintain a large presence” in U.K. regardless of outcome of Brexit talks
- Bank can continue to serve clients even if Britain loses EU single market access
- Firm may need to adjust legal structure and has many “choices in terms of locations”
- “We will notify you as soon as we are prepared to make changes that may impact your specific business,” bank tells employees in the memo
- Bank reviewing regulatory requirements, operational risks, inventory of licenses and political issues in Europe
- Spokesman for bank confirmed contents of memo
Alert: HALISTER
Source: BFW (Bloomberg First Word)
Tickers
JPM US (JPMorgan Chase & Co)
People
Daniel Pinto (JPMorgan Chase & Co)
Mary Erdoes (JPMorgan Chase & Co)
To de-activate this alert, click here
To modify this alert, click here
UUID: 7947283