JPMorgan Chasers Dreaming Of Paris Or Rome Are Getting Frankfurt Or Dublin

And, for those lucky treasury services employees, the Grand Duchy!
Streppel from nl [GFDL or CC-BY-SA-3.0], via Wikimedia Commons

Streppel from nl [GFDL or CC-BY-SA-3.0], via Wikimedia Commons

Jamie Dimon has scoured Europe, looking for a suitable home for the 4,000 of his people in London about to be made homeless. Italy? Bellissima. He loves it. But banking there? Non sà. Paris?Ce n'est pas à son gout. (And perhaps even less to his taste come Sunday.) And much as the JPMorgan Chase chief would love to continue his Grand Tour of the continent, discovering the regulatory charms and attractive class A office spaces of Amsterdam, Warsaw, Madrid, Geneva, Zürich, Prague, Copenhagen and Athens (why not? Things are looking up again.), he’s got a bank to run. Also, things aren’t looking great in terms of how Brexit might actually play out, so just like the Elect and anyone with the opportunity for an early relocation from the soon-to-be-former financial capital of Europe, Jamie’s gonna start sending in the moving vans. And that means, for the time being, theusualsuspects.

At first, a few hundred employees are expected to move but it could reach 1,000 over months, one of the people said….

In J.P. Morgan’s case that will mean running its EU custody business out of Dublin, treasury services from Luxembourg and its European investment bank from Frankfurt, one of the people said.

J.P. Morgan staffers have begun compiling paperwork to apply for licenses. The bank had already been perusing offices in Dublin and Frankfurt to increase scale.

J.P. Morgan to Shift Up to 1,000 Jobs Out of London Ahead of Brexit [WSJ]
EU Brexit Chief Barnier Takes Tough Opening Line on Talks [Bloomberg]