JP Morgan has warned that 4,000 jobs could be relocated from the UK depending on the outcome of Brexit negotiations, since the bank is now in & # 39; full execution mode & # 39; of her plans for a worst case scenario & # 39 ;, & # 39; unordered & # 39; Brexit was.
Mark Garvin, the vice president of the American bank, told British MPs today that their plans for Brexit & # 39; advanced & # 39; and that some of their initiatives have a & # 39; point of no return & # 39; had gone through.
His comments come because banks have been accused of delaying their Brexit preparations to save money.
Brexit plans: JP Morgan said that 4,000 jobs could be relocated from the UK
When asked about the bank's estimate that at least 4,000 of the 16,000 jobs in the UK could be relocated to the EU, Garvin replied: "The evolution of our workforce and our activities will largely be a function of the final deal that will be guaranteed.
& # 39; There is clearly a scenario where you really have that kind of outcomes. & # 39;
He insisted, however, that this is a & # 39; scenario & # 39; is that & # 39; can be softened by a series of schemes.
His remarks are repeated by the bosses of Citi and Barclays, who were also grilled by MEPs this morning about the preparations of their banks for the Brexit.
All three bosses said they were preparing for the worst scenario, but hoped that this would not be the final result.
James Bardrick, head of Citi UK, and Kevin Wall, chief executive of Barclays Ireland, said the number of jobs that will initially be moved out of London before the Brexit will be limited, but warned numbers in the coming years & # 39; significantly larger & # 39; can be.
Citi confirmed that around 150 to 200 employees will be affected from the 6,000 in London and 14,000 in Continental Europe.
Barclays expects a similar number – about 150 – to move from London to Europe, with most on their way to Dublin.
A number of banks have warned that staff will move abroad if there is a Brexit without agreement
They called on the government to conclude an agreement as soon as possible in order to provide some clarity to the banking sector and financial service providers.
Transition agreements also depend on an agreement that is agreed by the Brexit deadline of March next year.
James Bardrick, head of Citi UK and chief executive of Citigroup's global markets division, said it is crucial that we do everything we can to agree on a Revocation Act and allow a transition period For our industry & # 39; & # 39; .
The three bosses also expressed concern about the different treatment of UK financial companies active in the EU versus European companies operating in the UK.
At the moment, the Treasury has said that they are legislating for a temporary authorization regime for EU companies operating in the UK – but this is not yet reciprocal for UK companies.