in the aftermath of britain’s stunning vote to go away the eu Union, JPMorgan Chase & Co. and other American banks scrambled Friday to re-evaluate their positions across the pond.
for plenty U.S. monetary companies, the U.k. offers access into the sector’s largest integrated market. losing that access point may want to imply a shift in sources from the city of London to economic hubs in Europe.
JPMorgan CEO Jamie Dimon warned earlier this month the bank ought to lay off as many as 4,000 British personnel.
stocks in JPMorgan have been down more than four percent in trading Friday, in comparison to a 2 percentage loss visible for the S&P 500.
In a memo to personnel visible via enterprise Insider, Dimon Friday laid out the financial institution’s preliminary reactions to the referendum and eventual British exit, or Brexit, from the ecu. right here are three takeaways from his memo.