JPMorgan to move staff to 3 EU offices on Brexit
Bank is bullish on the Middle East and North Africa, where it plans to build its businesses in payment processing, asset custody services and investment banking
Dubai
JPMORGAN Chase & Co plans to move hundreds of London-based bankers to expanded offices in Dublin, Frankfurt and Luxembourg as it prepares for the UK to lose easy access to the European Union's (EU) single market after Brexit, the firm's head of investment banking said.
"We are going to use the three banks we already have in Europe as the anchors for our operations," Daniel Pinto said on Tuesday in Riyadh, referring to the New York-based firm's local entities. "We will have to move hundreds of people in the short term to be ready for day one, when negotiations finish, and then we will look at the longer-term numbers."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say