As stated earlier by Pro Brexit campaigner Boris Johnson, the British government should fully disclose to its citizens the impact that Brexit will have on their nation in simple economic terms.
Britain’s historic decision to leave the European Union could force JPMorgan Chase & Co to move thousands of staff out of Britain since it may lose its automatic right to sell financial services to the European Union as per the bank’s CEO, Jamie Dimon’s interview to an Italian newspaper.
JPMorgan Chase & Co is currently based out of UK. It can still sell services freely across pan European countries under the EU “passporting” system, the most significant feature of the EU single market concept for financial firms. However, once Britain triggers Article 50 of the Lisbon Treaty, this could be severely jeopardized.
“The key issue is the ‘passport rule’ that we have in London and allows us to provide services to clients in the European Union,” said Dimon to ‘Il Sole 24 Ore’ an Italian newspaper.
“However, if the EU imposes new conditions on Britain … the worst-case scenario is we would have to move some thousands of employees to other branches in the euro zone,” said Dimon.
JPMorgan Chase & Co employs 16,000 people in Britain. While its European headquarters is situated in London its several offices dot the English coastline from Bournemouth to Scotland.
In the previous year, it produced revenues totaling $14.2 billion from its European, Middle East and Africa operations.
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