JP Morgan in ‘full execution mode’ over Brexit as banks begin moving jobs

[AtW]

US banking giant JP Morgan is in “full execution mode” preparing for Brexit, as banks press ahead with moving staff from the UK to the EU.

Mark Garvin, vice chair of JP Morgan’s investment bank, told MPs on the Treasury select committee that up to 4,000 of the bank’s 16,000 staff in Britain could ultimately relocate to the Continent.

He said initial moves to prepare for the UK’s departure date of next March would be more modest, in the “hundreds” of staff.

But he added: “We are now in full execution mode, we are in the very advanced stages of execution in fact... In many cases we’ve passed the point of no return.”

https://www.telegraph.co.uk/business...n-moving-jobs/

[BR14]

so we lose another wunch of bankers.
zzzzzzzzzzzzzz

[NotAllThere]

Mark Garvin, vice chair of JP Morgan’s investment bank, told MPs on the Treasury select committee that up to 4,000 of the bank’s 16,000 staff in Britain could ultimately relocate to the Continent.

Does that mean the other 8000 will be unemployed?

Yay, 8'000 more unemployed in the UK. As they're bankers, that must be a good thing.

[AtW]

Skyscrapers in Docklands will be the next social housing, you’ve heard it on here first...

[chopper]

so we lose another wunch of bankers.
zzzzzzzzzzzzzz

Yeah, the pain is worth it. We don't need all those employee taxes. Let some other country have them.

[Yorkie62]

Skyscrapers in Docklands will be the next social housing, you’ve heard it on here first...

Brilliant. So we lose a bunch of bankers and solve the housing crisis into the bargain. Brexit the golden goose that just keeps giving.

[sasguru]

so we lose another wunch of bankers.
zzzzzzzzzzzzzz

Brilliant. So we lose a bunch of bankers and solve the housing crisis into the bargain. Brexit the golden goose that just keeps giving.

That's the spirit!
In order to be great again we need to destroy the largest sector of the economy so we can rebuild from ground zero!
Onwards and... er....downwards.

[Eirikur]

Yay no more traffic jams on the M40 into London every morning.
Just like in 2008

[scooterscot]

Well it makes little to no sense.

The City of London is not part of the UK and therefore not part of the EU, so JP Morgan can continue operating as before. It only becomes a problem if the City is using the UK's EU status. If that is true then the proxy is about to shafted.