JP Morgan in major Brexit U-turn with plot to move work from Germany to London. Source: EXPRESS. Daily Briefing

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JP Morgan in major Brexit U-turn with plot to move work from Germany to London

JP MORGAN looks set to U-turn after it emerged it is planning to relocate work from offices in Germany to the city of London.

By Rebecca Perring

11:42, Tue, Sep 6, 2022 | UPDATED: 12:20, Tue, Sep 6, 2022

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The US bank’s emergency move comes after it moved billions of dollar of assets from London to Frankfurt following the UK’s momentous Brexit vote. A source close to the bank said: “Work transfers could also be to and from any location, not just involving the UK,” according to the Daily Telegraph.

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The major move, which is part of the bank’s emergency measures, comes amid fears of power blackouts as the bank looks to ensure it can still trade if Europe’s largest economy loses power this winter after Russia stopped pumping gas via a major supply route amid its ongoing war in Ukraine.

Russian flows of gas via the Nord Stream 1 pipeline, which runs under the Baltic Sea to Germany, remained at zero on Tuesday after Russia scrapped a Saturday deadline to resume flows following maintenance.

The pipeline historically supplied about a third of the gas exported by Russia to Europe but was running at only 20 percent of capacity before the outage last week.

JP Morgan

JP Morgan is set to move work to London (Image: GETTY )

jp morgan

The EU has been hit by a gas crisis (Image: GETTY )

JP Morgan was just one of the major banks to move the business out of London following the UK’s decision to unshackle itself from the EU in a 2016 Brexit vote.

In September 2020, the US bank announced it was moving around £211 billion from the UK to Germany.

It has since widely expanded its operations in the French city of Paris.

READ MORE: EU leaders stress “constructive relationship”

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