According to a person who is familiar with the matter, JPMorgan is requesting approximately 300 of its employees working in its London office to sign new contracts that will compel them to move to one of the other hubs of the bank that is located within the European Union in case there is a no-deal Brexit.
The source said that this is considered to be part of the plans of JPMorgan to relocate hundreds of its employees if the United Kingdom leaves the European Union without an exit deal so that it will be able to continue offering their clients in the advisory, banking, and bloc trading services. Currently, the US investment bank is building up its offices in Paris, Luxembourg, and Frankfurt as part of its Brexit planning.
The source said that the employees of JPMorgan in London were asked to sign new contracts, confirming whether or not they will relocate abroad, had already been consulted regarding the matter, and those who did not want to move would not be made redundant. Sources said that if they refused, the bank would try to look for an alternative role for them.
The news was initially reported by Bloomberg.
It comes months after the employees in question were warned that in the worst-case scenario, they were included on a list of people that would be required to move to an EU hub such as Frankfurt or Paris.
Sources close to the process said a specialist team had been advising the bankers on areas such as housing and schools since…
The United Kingdom was scheduled to leave the European Union on the 29th of March, however, it was delayed last week. Now, the country will bved scheduled to leave the European Union on the 22nd of May if the proposed withdrawal agreement of Theresa May, the British Prime Minister, is approved by parliament this week.
If not, the United Kingdom will have until the 12th of April to offer a new exit plan or decide to leave without a treaty.