JP Morgan boss warns of UK job losses in event of Brexit

The head of JP Morgan has warned that up to 4,000 UK jobs at the bank in could be at risk if Britain voted to leave the European Union.

Chief executive Jamie Dimon said a vote to leave would be a “terrible deal”. Britons will vote to stay or leave the EU in a referendum on June 23.

Dimon was speaking at an event in Bournemouth where the bank is a major employer. He appeared with Chancellor of the Exchequer George Osborne to promote the business case to remain in the EU.

He said said there were still questions around what sort of deal Britain would negotiate with the EU if it left.

“The biggest question is what is the new negotiation with the EU, the new deal. In my opinion it is highly unlikely it'll be like it is today. If it's like it is today the change will be zero, but the fact is it won't be like it is today,” Dimon said.

“If the EU, when they negotiate, say that anyone that does business as a bank with an EU company has to be based in the EU, you are talking about three or four thousand potential JP Morgan jobs. We will take care of our people whatever the outcome but we have to be prepared to serve our clients around the EU.”