Wall Street\u2019s biggest bank has moved some of its European staff back to London as part of a post-Brexit climbdown.<\/p>\n
JP Morgan is relocating workers from its Paris office after overestimating the number of staff needed on the Continent, six years after shifting services to the French capital following the UK\u2019s exit from the European Union.<\/p>\n
The relocation of staff marks JP Morgan\u2019s latest rethink in its European operations. The bank\u2019s chief executive, Jamie Dimon, has been a vocal critic of Brexit<\/a>.<\/p>\n Mr Dimon warned in 2021 that the bank may eventually move all of its European operations out of London following the decision to leave the EU.<\/p>\n However, it has increased its total number of UK staff from 18,000 to 23,000 over the last decade after launching its consumer banking arm, Chase, in the UK.<\/p>\n The whole of JP Morgan employs 13,000 staff in London.<\/p>\n By contrast, it has more than 1,000 staff working in Paris, a figure that has quadrupled since Brexit but is still dwarfed by its number of London staff.<\/p>\n It is not clear how many staff are moving from Paris to London.<\/p>\n However, a spokesman for the bank told Bloomberg that it was \u201ccommitted to our sizeable operations on the Continent for the long term\u201d.<\/p>\n Mr Dimon, the bank\u2019s long-serving chief executive, said in the run-up to the 2016 vote that the investment giant could cut up to 4,000 UK jobs if Leave won.<\/p>\n However, it later scaled back these estimates and said no more than 500 to 1,000 roles would move abroad.<\/p>\n