Exclusive: ‘Several dozen’ UK staff kickstart JPMorgan’s Brexit talent transfer to EU

By Sinead Cruise

LONDON (Reuters) – JPMorgan Chase & Co (N:) has asked “several dozen” employees to lead a first wave of relocations from the UK to continental Europe by early next year, as it pushes the button on plans to protect its business post-Brexit, according to a memo sent to staff on Thursday and seen by Reuters.

The memo, the first Brexit-related mass communication to JPMorgan’s 16,000-strong UK workforce this year, highlights the organizational and strategic challenges facing global banks as they prepare for Britain’s exit from the European Union.

It comes a day before Prime Minister Theresa May is due to host crunch talks with ministers at her country residence Chequers on how she wants to shape Britain’s future trading relationship with the soon-to-be 27-member club.

Signed by Daniel Pinto, chief executive of JPMorgan’s Corporate & Investment Bank and Mary Erdoes, chief executive of the bank’s Asset & Wealth Management division, the email also outlined JPMorgan’s plans to beef up its presence in several other EU cities including Paris, Madrid and Milan.

Until now, the Wall Street heavyweight was broadly expected to focus on expansion of its Frankfurt, Luxembourg and Dublin bases, where it already holds banking licenses.

A spokesman for JPMorgan confirmed the authenticity of the memo, also sent to its staff in continental Europe, Middle East and Africa, but declined to comment further.

The “several dozen” employees who have committed to leave Britain before so-called Brexit Day on March 29, 2019 primarily work in client-facing or risk management roles in both the investment bank and asset management divisions.

The memo also said JPMorgan expected to migrate or add “a few hundred roles” to the EU-based headcount by that date and it had already started recruiting for key positions, but the total size of its EU workforce “was entirely dependent on whether an agreed transition arrangement is finally confirmed.”

“Just as we are working to minimize disruption for our clients, we are looking to do the same for our people,” the memo said.

“We want to avoid affecting the lives of employees and their families with changes that could prove to be unnecessary or premature, as long as political negotiations and regulatory outcomes remain unclear.”

(editing by Silvia Aloisi)

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