Statistics from the Euromoney survey shows that JPMorgan, a Private US-based bank is considered the haven for ultra-high-net-worth individuals across the world. These wealthy individuals have more than USD 30 million in assets. With uncertain financial rules attribute to Brexit, America’s most premier bank has warned a possibility of staff layout especially those in the UK by about 4,000.

Brexit and Job Loss

Before the rise of Brexit, when the UK had a referendum on whether to leave the EU or not, the CEO to JPMorgan, Mr. Dimon, had early stated that this might cause the UK to lose about a quarter of its 16,000 staff. However, his preceding caveats were summarily dismissed.

As it stands now, the decision by Mr. Dimon is a time-sensitive mine waiting to blow. We may even witness a high loss of jobs bearing in mind that one of the policies of the bank is to disclose the whole truth to its investors. With such kind of atmosphere, nobody is willing to invest in uncertain future unless you are an insurance firm. In this case, they are not.

London is the financial hub for Europe, and vague financial regulations may promote risks. This means the determination of the UK to remain relevant and competitive today and in the future is a wait and see affair.

Winners and Losers

Going ahead, there exists a business risk for UK, US, and EU as a whole. Even though the UK may experience capital flight, it’s also financial distress to the significant economies especially Germany who controls 30 percent of the EU economy.

For worst, if JPMorgan wholly relocates to either Germany or France, it means the two countries will witness more job creation and hence high revenues for their governments. With current sanity in their leaders, we also expect their economies to blossom.

Paris being the critical global tourist destination ahead of US and Germany with over 10 million tourists annually, is likely to be the principal beneficiary of JPMorgan jobs transfer. Again, let’s not forget that Frankfurt might win the game on account of its strategic positioning and relatively large infrastructure.


JPMorgan has never faced a management turmoil meaning it has strong investor confidence. With crucial trade negotiations underway between the US and the British Trade Secretaries, there is a likelihood of favorable trade agreements and financial rules that might propel JPMorgan business in the UK; we can only monitor their discussions and envisage a successful transition that will see Britain retain the jobs.

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