Leaving the EU ‘cannot possibly be good for the United Kingdom’s GDP’, says investment bank boss
JPMorgan may one day move all of its EU-focused business out of London and into Europe, the investment bank’s boss has said.
Jamie Dimon said any such move would be “many years out” but warned that London will need to “adapt and reinvent itself” after Brexit.
JPMorgan’s chairman and chief executive opined that “few winners are likely to emerge” from the UK’s decision to leave the EU which will make financial services fragment across multiple cities including Amsterdam, Frankfurt, Paris and Dublin.
In his annual letter to shareholders, Mr Dimon wrote: “In the short run (ie, the next few years), this cannot possibly be a positive for the United Kingdom’s GDP – the effect after that will be completely based upon whether the United Kingdom has a comprehensive and well executed strategic plan that is acceptable to Europe.”
