JP Morgan is asking approximately 300 of its UK staff based in London to sign a new contract that will require them to move to one of the bank’s other hubs across the European Union (EU), in the event of a no-deal Brexit.
According to a person close to the matter, it is part of JP Morgan’s plans to transfer hundreds of its staff, if Britain leaves the union without a deal, allowing it to continue to offer clients in the bloc trading, advisory and banking services, City A.M. reported.
As part of its Brexit planning, the American bank is currently building up its offices in Frankfurt, Paris and Luxembourg.
According to City A.M., a source said that those JP Morgan staff in London asked to sign new contracts had already been consulted on the matter, with those opting to not move not facing redundancy or any further repercussions.
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