Brexit fallout

The Battle to Succeed London

London's financial districts are likely to experience mass departures in the event of Brexit.
  • Why it matters

    Why it matters

    Trillions of dollars worth of transactions are conducted in London. European cities are keen to get a slice of the action if banks abandon the British capital in the case of a Brexit.

  • Facts


    • Some 250 foreign banks have operations in London.
    • The British financial industry and its service providers account for 12 percent of national economic performance.
    • Germany’s financial center is already advertising in a British trade journal with the slogan: “Frankfurt is ready to help.”
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Jamie Dimon, chief executive at JPMorgan Chase, gathered his British employees recently to talk about the upcoming referendum on Great Britain leaving the European Union. “I can’t tell Britons how to vote,” he told them, but then went on to warn of possible consequences.

If Britain were to leave, he said, the company’s London offices could no longer handle customers on the European mainland — and that could impact 1,000, 2,000 or even 4,000 jobs.

“I don’t know how many,” Mr. Dimon said. “But give careful consideration to how you vote.”

The U.S. banking multinational has its global corporate headquarters in London, and the boss wasn’t mincing his words: If Great Britain leaves the European Union, JPMorgan would not continue business in London as usual.

Other big banks have announced similar reactions to a so-called “Brexit,” but none were as direct or ominous.

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