JPMorgan Chase & Co is asking around 300 London-based staff to sign new contracts confirming they will leave the UK in the event of a no-deal Brexit, Bloomberg has reported.
Staff working in areas such as sales and risk have been presented with contracts in the last week that demand they relocate to a European Union country in a no-deal scenario.
The affected staff were warned months ago, but with JPMorgan activating its Brexit contingency plans, they now must decide whether to move or risk losing their jobs.
It is understood the bank will redeploy staff to other roles in order to avoid layoffs, according to one source.
JPMorgan opened a new office in Dublin this month to house an expanded post-Brexit Irish workforce.
It has become one of a number of banks which have made their plans clear to move part of their operations out of London to Europe.
Barclays’ will also have its main post-Brexit hub in Dublin, while Bank of America will move some of its business abroad and BNP Paribas will move staff to its global HQ in Paris.
Since you are here
Since you are here, we wanted to ask for your help.
Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.
Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.
If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.
To donate or subscribe to The London Economic, click here.
The TLE shop is also now open, with all profits going to supporting our work.
The shop can be found here.
You can also SUBSCRIBE TO OUR NEWSLETTER .