JP Morgan boss Jamie Dimon has warned that thousands of bankers could move to Europe due to Brexit.
In his annual letter to shareholders, the US bank chief said that Brexit “cannot possibly” boost the UK economy and warned of mass job moves as Brussels seeks to exclude London from its markets.
He said: “Brexit was accomplished, but many issues still need to be negotiated. And in those negotiations, Europe has had, and will continue to have, the upper hand.
“In the short run (ie the next few years), this cannot possibly be a positive for the UK’s GDP – the effect after that will be completely based upon whether the UK has a comprehensive and well-executed strategic plan that is acceptable to Europe.”
In his letter, Dimon added: “It is clear that, over time, European politicians and regulators will make many understandable demands to move functions into European jurisdictions.
“Because of this – and because of strong European efforts to compete with London – Paris, Frankfurt, Dublin and Amsterdam will grow in importance.”