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Chase may consider moving biz out of the UK

jpmorgan chase sq1JPMorgan Chase may consider leaving the UK due to the uncertainty of Brexit, according to JPMorgan Chase CEO Jamie Dimon. He said the uncertainty of Brexit fallout may cause the bank to move its business out of the country. Of particular concern is a financial ‘passport’ rule that allows banks in the UK to more easily sell services throughout the European Union, he said. JPMorgan currently employs around 16,000 people in Britain with its European headquarters based out of London. He said that depending on how the UK’s withdrawal from the EU goes the company may have to move some people out of the UK in order to best continue doing business with the rest of the EU. According to him, Brexit will not push the world into another recession, but the general uncertainty surrounding it will slow down the economy. No one really knows what the future will be, even the people who supported a Brexit, because of the wide range of potential outcomes. Brexit has put a lot of uncertainty in the markets and in the economy, he said.


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