JPMorgan confirms 'hundreds' of jobs to depart London post-Brexit

US investment bank JPMorgan Chase has confirmed plans to move hundreds of jobs away from London following Britain’s exit from the European Union.

The bank's operations in Dublin, Frankfurt and Luxembourg are set to be beefed up in the coming months, with the end of Brexit negotiations between the UK and the EU set to trigger a large movement of the firm’s employees.

JPMorgan is one of several financial institutions which had previously indicated that it was considering moving jobs out of London and the UK in order to maintain their passporting rights.

Speaking in Saudi Arabia on Tuesday, the bank’s investment banking CEO Daniel Pinto said that it would also have to consider more long-term options post-Brexit.

"We are going to use the three banks we already have in Europe as the anchors for our operations," Pinto said, referring to Dublin, Frankfurt and Luxembourg.

"We will have to move hundreds of people in the short term to be ready for day one, when negotiations finish, and then we will look at the longer-term numbers,” he added.

PASSPORTING RIGHTS

JPMorgan CEO Jamie Dimon had said that up to 4,000 of the company's London workforce may have to be relocated in the aftermath of Brexit.

Negotiations between the UK and the EU are set to begin over the coming weeks and months, with plenty still unclear about the impact on the economy and trading issues.

So-called "passporting" rights refer to banks' ability to operate in any EEA state without needing the authorisation of individual countries within the area.

"We have to plan for a scenario where there is no UK-EU passporting deal, and we have to move a substantial portion of our business to continue serving our European clients," Pinto said. "We'll have to wait to see what kind of deal can be achieved and see what we need to do from there."