Wall Street chiefs Dimon and Gorman warn of risks of "hard Brexit"

Bosses of two of the biggest banks in Wall Street have indicated that there is likely to be a move away from London for many institutions as a result of Brexit, with New York the likely benefactor.

JPMorgan Chase chief executive Jamie Dimon and Morgan Stanley chief executive James Gorman were speaking at the annual meeting of the International Institute of Finance in Washington.

Both men expressed fears that the process, which prime minister Theresa May said would begin in March 2017, could be bad for their businesses in the capital.

Gorman also suggested that the exit from Europe could lead to a collapse of the eurozone.

"Brexit is all about the survival of the union," he said. "It's been a phenomenal social, economic and military success. But somewhere that has been lost in this discussion. And that discussion exists in Spain, Italy and across the union."

"I think the big winner is going to be New York. I think that will be one of the big consequences here," he added.

Dimon urged caution as the British government gives its first indications of what a post-Brexit Britain will look like.

The powerful banker said that he and other JPMorgan executives "need to decide how to respond and whether we move" from Britain as its European headquarters.

"We need to wait for clarity on this," he added.