JPMorgan Chase & Co. is looking for new cities to place its Europe-based businesses, amid the official declaration of U.K.'s intention to leave the European Union, The Wall Street Journal reported March 29.
Under the current European Union policy, JPMorgan can sell its products and establish branches across Europe from a home base in London, but may not be able to do so after the U.K. leaves.
The bank, led by a staff of 75 employees, has been evaluating eight cities, including Paris, Frankfurt, Luxembourg and Dublin, to become its next European hub. The Journal reported that the bank has already begun putting together paperwork for license applications, which could take up to one year, and has started looking for real estate locations in Dublin and Frankfurt. According to the report, the company has subsidiaries with banking licenses in each of those three cities.
JPMorgan CEO Jamie Dimon projected that a quarter of JPMorgan's U.K. staff may have to move to different locations. The bank is expecting to finalize its decision in the coming months, the Journal said.