Wednesday, 26 July 2017

Wall Street banking giant JP Morgan to merge private bank

The Wall Street banking giant JP Morgan is drawing up plans to merge its UK-based private banking arm into its wider European wealth operation ahead of the UK's departure from the EU.
Sky News has learnt that JP Morgan is working on the merger, which would then see its UK wealth management arm become a branch of its new EU parent.

Sources said that if it went ahead, the reorganisation would lead to "a small number" of JP Morgan's roughly 1,000 British-based private bank jobs being relocated to Europe.

The precise figure was unclear, but was likely to be fewer than 100 roles, one insider suggested.

The move, which is intended to allow JP Morgan to continue serving European clients in the UK after Brexit, forms part of the banking behemoth's wider contingency planning.

A number of alternatives to the private bank merger are also understood to have been considered.

SKY      News.

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