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JP Morgan boss: ‘Breakup of the EU and eurozone would be devastating’

Published: April 7, 2017
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Source: Euracitve

In his annual letter to shareholders, the chairman of America’s biggest bank expressed his concern about the consequences of Brexit, as well as the financial deregulation promised by Donald Trump’s administration. EURACTIV’s partner La Tribune reports.

Jamie Dimon’s weighty letter is read every year by the planet’s top financiers, including multi-billionaire Warren Buffet. The boss of JP Morgan Chase this year focused on the increased geopolitical risks faced by the financial sector, particularly in Europe, still reeling from Brexit.

The head of the world’s biggest bank by market capitalisation is concerned about the effect the UK’s exit from the EU will have on JP Morgan’s 20,000 UK employees, mainly based in the City of London.

For JP Morgan, Brexit will mean “acquiring regulatory approvals, transferring certain technologies and moving some people”, Dimon wrote.

He added that he expected “constant pressure” from the EU to strengthen the bank’s operations inside the bloc, to the detriment of the City. Before last June’s referendum, the banker had warned his UK staff that some of them may be moved abroad in case of a leave victory.

In his letter, Dimon also gave his (rather American) view of the challenges and risks facing Europe.

“We hope that the advent of Brexit would lead the EU to focus on fixing its issues – immigration, bureaucracy, the ongoing loss of sovereign rights and labour inflexibility – and thereby pulling the EU and the monetary union closer together,” he wrote.

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