Pushing the Button
JPMorgan chief Jamie Dimon stated a view this week that, despite any initial relocation of staff from London into the EU measuring in the hundreds, the final figure rests in the EU’s hands and could be much larger. His point refers to regulation and the UK’s ability and willingness to be compliant with EU requirements after the divorce, noting that 75% of his UK business is with EU companies. Meanwhile, other banks are reported to be getting serious about contingency moves, with Citi boss James Bardrick quoted as saying ‘I’m anxious it’s all a bit late’regarding the government’s ability to secure a transitional deal from the EU. If we leave the EU in March 2019, then organisations will need up to 18 months to secure new premises, fit out, and prepare relocation packages for staff. Expect further news either way as we move into Autumn.