JPMorgan warns of likely BREXIT job losses

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Jobs will move.

JPMorgan warned financial-services firms from banks to insurers could pull jobs out of the U.K. in the event of Britain voting to leave the European Union.

Bloomberg News reports that financial services would feel the “negative impact of Brexit” most, which could “result in jobs moving outside the U.K.,” analysts at the bank wrote in a note to clients on Wednesday.

British banks would probably face higher funding costs, while stock prices are likely to be hurt by the referendum in the run-up to the event.

Prime Minister David Cameron is seeking concessions from his fellow EU counterparts over changes to Britain’s membership of the 28-member trading bloc ahead of a referendum expected later this year. Some of the U.K.’s top executives have warned a vote to leave the EU would have dire consequences for the nation’s economy and threaten the City of London’s role as a premier hub for global business and finance.

To access the complete Bloomberg News article hit the link below:

JPMorgan Warns Firms Could Pull U.K. Jobs in Event of `Brexit'

`Brexit' Prospects Push U.K. Services Confidence to 3-Year Low

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