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JPMorgan's Dimon addresses Brexit fallout

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JPMorgan's Dimon addresses Brexit fallout

Amidsimmering concerns about currency risk, higher costs and hits to revenue in thewake of U.K. voters deciding to leave the European Union, JPMorgan Chase & Co.'s chief executive warned of negativeeconomic impacts and a prolonged period of uncertainty.

But,after posting second-quarter earningsJuly 14, he also said the New York-based megabank would not bail on any of the countriesit serves in Europe. "I think the most important thing is that we will continuein every single country to serve our clients day in and day out; if it adds extracost, so be it," Dimon told analysts during a call to discuss earnings.

Dimon,who struggled with a hoarse voice and said little about the company's earnings,did make a point of addressing Brexit.Analysts said they were particularly interested in his comments, given that theexecutive had cautioned ahead of the June vote that JPMorgan might have to movethousands of jobs out of London if U.K. voters decided to exit the EU.

But bothDimon and JPMorgan's finance chief struck more optimistic tones during the , shying away fromdire predictions and instead emphasizing they were hopeful that British officialswould, over a lengthy negotiation period projected to last two years, find a smoothway to leave the EU and enable banks and other businesses to continue operationsin London.

The inevitableuncertainty surrounding the long exit process "will affect the economy a littlebit" in the U.K. and Europe more broadly, Dimon said.

"We know it's going to create uncertaintyfor an extended time period. So we don't think we can answer or make certain allthese things you want to know because there are a lot of parties involved,"Dimon continued. "We are hoping that the political leaders are very sensible.It makes sense for both the EU and for Britain to think through the process to makeit sensible."

SaidCFO Marianne Lake: The "truth of thematter is, it's very, very early days." It is, she said, "really too earlyto hypothesize." But, she added, "We would hope that we can continue tooperate the way we are right now. But we will just continue to evaluate the landscape,as I'm sure you will over the coming weeks, months and quarters, and plan accordingly.The most important thing is that we intend to continue to support our European franchiseand clients."