(This article first appeared on Business Insider)
Jamie Dimon, the chairman and CEO of JPMorgan, just sent a memo, as seen by Business Insider, to all of the investment bank’s employees across the world about what the bank plans to do next after Britain shockingly voted Thursday to leave the European Union.
Mary Erdoes, the head of Asset Management at JPMorgan, cosigned the memo, as did Daniel Pinto, the head of the Corporate & Investment Bank and of the bank’s Europe, Middle East, and Africa division.
The note seems to seek calm among employees and insists that negotiations for the British exit from the EU, or Brexit, will take years.
Only three weeks ago, Dimon said in a speech that JPMorgan could move an undisclosed number of its 16,000 UK-based workers to Europe if Britain were to vote for a Brexit. While these are not job cuts, it could see roles being moved elsewhere.
Here is the note in full:
British citizens voted yesterday to begin a new, independent relationship with the European Union. This decision is a seminal moment in European politics and in the history of the United Kingdom.
J.P. Morgan has 16,000 employees in the U.K. We are extremely proud of the work they do and our long history in the country. Regardless of today’s outcome, we will maintain a large presence in London, Bournemouth and Scotland, serving local clients as we have for more than 150 years.
The framework of the U.K.’s engagement with the EU, including trade agreements, will be negotiated over a period of years. For the moment, we will continue to serve our clients as usual, and our operating model in the U.K. remains the same.
In the months ahead, however, we may need to make changes to our European legal entity structure and the location of some roles. While these changes are not certain, we have to be prepared to comply with new laws as we serve our clients around the world. We will always do our best to take care of our people and do the right thing during times of change.
We recognize the potential for market volatility over the next few weeks and we are ready to help our clients work through it. As of today, there are no changes to the structure of our clients’ relationships with JPMorgan Chase or their ability to work with our firm, but again this may change in the coming months or years.
We are hopeful that policymakers will recognize the immense value created through a continued open economic engagement between the U.K. and EU members. As negotiations offer more clarity over the coming months, we will communicate with you and with our clients regarding any relevant changes.
Jamie Dimon
Daniel Pinto
Mary Erdoes
