JPMorgan Chase which employs about 10,000 people in London, has asked “several dozen” employees to relocate across the European Union before the U.K. formally leaves the bloc in March next year.
The employees, drawn from JPMorgan’s investment bank and other units including asset management, will begin moving toward the end of this year, according to an internal memo obtained by Bloomberg. The New York-based bank is bolstering operations in Madrid, Paris, Milan and “other locations” along with Dublin, Frankfurt and Luxembourg, where it has banking licenses, according to the memo.
“Before asking other employees to consider relocating, we will wait for further political and regulatory clarity, ” Daniel Pinto, head of JPMorgan’s corporate and investment bank, and asset-management chief Mary Erdoes wrote in the memo.
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