Brexit just got real for hundreds of staff at JP Morgan, ONA reports citing The Guardian.
The investment banking giant is asking 300 staff to sign new contracts, which state they’ll leave the UK if Britain leaves the EU without a deal.
All the major investment banks have opened new operations in the EU, or expanded existing ones, in preparation for Brexit. Once the UK has left, City banks will no longer be eligible for ‘passporting rights’ allowing them to offer services across the EU.
London bankers have been reluctant to shift to other cities, though. Some had hoped to leave their families behind and commute to and from Frankfurt, say, or Dublin, says the report of Bloomberg.