Jamie Dimon, CEO of the lending and investment bank JP Morgan, has said that any UK redundancies made as a result of Brexit will take place over a number of years and will not be immediate.
JP Morgan employs over 16,000 people in the UK, with London hosting its European headquarters. The bank had previously said that 4,000 jobs would be at risk if Britain were to lose the right to sell financial services to the European Union.
In an interview with Financial News magazine, the boss of JP Morgan said that he was always worried about the impact that Brexit would have on the British economy.
Jamie Dimon who supported the Remain campaign and hoped that the UK would stay within the Union proclaimed his “love” for London and that he will not be in too much of a rush to move his headquarters to another location in Europe.
“I wish we could keep it all here (in London), I think it’s very good for Europe,” Dimon said in a recent interview.
In the run up to the EU referendum vote on June 23, the JP Morgan boss said that job losses were inevitable, if Britain decided to exit the EU trading bloc. Dimon was also unsure if the UK would remain a financial trading center, and that they would have to wait for the negotiations to start before predictions could be made as to what would happen next.
“A major fear to me about Brexit is that it causes the EU to fail down the road. That’s my biggest fear now. The British people have a complete right to decide what they want to do, as do all the people in Europe, and JP Morgan will be able to adapt to whatever the UK and the EU decide. But there was a good reason for the European Union, for peace and for the economic prosperity from the common market.
“Those are still two good reasons. I completely understand the frustration that it got bogged down with bureaucracy, and folks here in the UK would talk about it being anti-democratic with people making decisions in Brussels who weren’t elected that affected Britain. And the common market isn’t everything, I completely understand that. Hopefully, rational heads will make it in a way that’s good for everybody,” Dimon added.
JP Morgan is not the only bank who is reporting job losses. International banking firms HSBC and Goldman Sachs also stated that redundancies would happen once Brexit came into force.
This was supported by comments made by Anthony Browne, the chief executive of the British Banking Association, who said that major banks would consider leaving the UK in the first quarter of 2017 and others would follow shortly after.
Mr. Browne also stressed that if the UK government opted for a ‘hard Brexit,’ it would deprive the economy of links to the customs union and trading alliances. The decision as to whether JP Morgan will move their European headquarters out of London, which would result in huge job loses in the capital, has yet to be made.