See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Bank of America Corporation (BAC) - free report >>
JPMorgan Chase & Co. (JPM) - free report >>
We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Bank of America Corporation (BAC) - free report >>
JPMorgan Chase & Co. (JPM) - free report >>
Image: Bigstock
JPMorgan to Shift 300 Employees if No-Deal Brexit Occurs
JPMorgan (JPM - Free Report) plans to move roughly 300 investment banking employees from the London office to other hubs in the European Union (EU) in case of a no-deal Brexit. It asked employees working in areas such as sales and risk to sign new contracts for relocating. This news was first reported by Bloomberg.
![](https://staticx-tuner.zacks.com/images/zadmin_tuner_image/jpm%20mar%2026.jpg)
The concerned employees were informed about the possibility of relocation several months ago. Now, as the company is activating Brexit plans, employees will have to decide to shift or risk losing jobs. Nonetheless, per some sources, the bank plans to redeploy employees to other roles in an effort to avoid layoffs.
Earlier, JPMorgan revealed plans to move hundreds of employees in case of a no-deal Brexit. This was to ensure continued bloc trading, advisory and banking services to clients. It is building offices in Frankfurt, Paris and Luxembourg as part of its Brexit plan.
Britain’s exit from EU is now scheduled on May 22 if Prime Minister Theresa May's proposed withdrawal agreement receives approval from the parliament later this week. Otherwise, Britain may offer new exit plan until Apr 12 or decide to leave without a deal.
Apart from JPMorgan, several financial institutions are preparing for Brexit. In February 2019, Barclays (BCS - Free Report) revealed plans to shift some equity and credit derivative sales jobs to Paris as it revamps operations ahead of Brexit. Likewise, Bank of America (BAC - Free Report) and HSBC Holdings (HSBC - Free Report) began relocating jobs to Paris.
JPMorgan’s shares have gained 2% in the past three months compared with the industry’s growth of 6.7%.
Currently, JPMorgan carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Is Your Investment Advisor Fumbling Your Financial Future?
See how you can more effectively safeguard your retirement with a new Special Report, “4 Warning Signs Your Investment Advisor Might Be Sabotaging Your Financial Future.”
Click to get it free >>