The chief executive of JP Morgan has warned that the biggest US bank could cut as many as 4,000 UK jobs if Britain votes to leave the EU.
Speaking to employees in Bournemouth, Jamie Dimon said Brexit would be a terrible deal for the UK economy and jobs, and warned that Britain could find itself in a trade war with the EU.
With the chancellor, George Osborne, at his side Dimon said JP Morgan would have to act quickly after a vote to leave because it would not be able to service its clients around Europe from the UK as it does now.
“I don’t know if it means 1,000 jobs, 2,000 jobs – it could be as many as 4,000. They will be jobs all round the UK … I don’t want you to worry about it but when you vote you should be thinking about something like that,” Dimon told employees.
JP Morgan employs about 19,000 people in the UK, with its main offices in Canary Wharf, Bournemouth and Glasgow. Dimon has hinted before that JP Morgan could quit or severely reduce its activities in the UK if there was a vote to leave the EU but he has not put a figure on potential job losses before.
The bank’s Bournemouth operation employs 4,000 people and provides technological and operations support for the bank in more than 40 countries.
Dimon said Brexit would harm the UK and EU economies and cause years of uncertainty and could lead to a breakup of the EU.
“In a bad scenario, and this is not the worst-case scenario, trade retaliation against Britain by countries in the European Union is possible, even though this would not be in their own self-interest. Retaliation would make things even worse for the British and European economies. And it is hard to determine if the long-run impact would strengthen the European Union or cause it to break apart.”
This article was written by Sean Farrell, for theguardian.com on Friday 3rd June 2016 12.16 Europe/Londonguardian.co.uk © Guardian News and Media Limited 2010