JP Morgan, one of the world's biggest banks, employs 16,000 people in the UK. Not all of them are highly paid investment bankers in London.
BBC News reports that at an event later today in Bournemouth (where the bank employs 4,000 people), Jamie Dimon, its chief executive, also known as the "King of Wall Street," appearing alongside Chancellor George Osborne will warn he may have "no choice" but to reduce the bank's UK headcount and shift jobs to Europe if the UK votes to leave the European Union.
A renowned deal-maker himself, he's expected to say that a vote to leave would be a terrible deal for the UK economy. His comments on the role of London will be listened to closely.
As a member of the EU, the UK serves as a base for foreign owned banks to sell services to any other country in the EU. On Brexit, that so-called "passport" for the selling of financial services may have to be renegotiated.
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