Banking chiefs have issued further warnings over the impact of Brexit on their sector.
JP Morgan has warned it may be forced to move more than 4,000 UK staff abroad in a worst-case Brexit scenario, while the boss of Barclays has decried its impact on the UK economy.
JP Morgan CEO Jamie Dimon has increased previous estimates for the number of UK-based staff who would have to relocate if negotiators failed to gain a favourable Brexit deal for financial services.
“If we can’t find reciprocal recognition of rules – and there are a lot of people who are mad with the Brits for leaving and want their pound of flesh – then it could be bad,” Dimon told the BBC at Davos. “It could be more than 4,000,” he warned.
That would account for more than a quarter of the company’s near-16,000 UK workers.
Dimon was among a number of business leaders at the World Economic Forum’s annual meeting in Davos, Switzerland, this week.
Also at Davos this week was Barclays CEP Jes Staley who pointed to the massive challenges the UK now faced as a direct consequence of the EU referendum.
He told CNBC while in Davos. “The UK has s gone from the fastest-growing G7 economy to the slowest-growing, but we believe in the UK, and believe in the ultimate prospects of Great Britain.”