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J.P. Morgan Plans Post-Brexit Exodus From London to Offices in Europe

Banking giant J.P. Morgan Chase (JPYYL) could move as many as 1,000 jobs from its London office to locations in the European Union after the United Kingdom formally leaves the EU.

The U.S. investment bank confirmed its post-Brexit retreat from Canary Wharf this week, saying it will relocate hundreds of London-based employees to Dublin, Frankfurt, Luxembourg and other cities within the 28-nation bloc, Bloomberg reports.

Before last year’s referendum on Britain’s EU membership, J.P. Morgan CEO Jamie Dimon told staff that up to 4,000 positions could leave the U.K. depending on how the government fared in negotiations.

J.P. Morgan is not the only finance firm planning to move jobs from the British capital.

Standard Chartered (SCBFF) also announced this week it would take its EU base to the German financial hub Frankfurt. Morgan Stanley (MS) and Goldman Sachs (GS) are considering following suit, while Barclays (BCS) has been eying the Irish capital.

British Prime Minister Theresa May formalized proceedings to leave the EU in March, kicking off a divorce process set to take two years.

According to the Brussels-based think tank Bruegel, the decision to withdraw from the union could see as many as 30,000 banking and financial services jobs leave British shores.