Little Red Riding Hood at JP Morgan
To the Leave camp, Jamie Dimon was the Big Bad Wolf of the referendum, huffing and puffing that he would move jobs to Europe.
Does a recent interview reveal the JP Morgan chief executive’s London sidekick Viswas Raghavan as Little Red Riding Hood, offering a fairytale ending? Don’t count on it.
True, Raghavan was at pains to repeat that JP Morgan’s Brexit plan is to maintain its “pretty sizeable presence in the UK” and “a large presence here”.
But the bank’s 16,000 UK headcount could dwindle by thousands and still qualify as sizeable.
Nothing Raghavan said conflicts with Dimon’s warnings before and after the referendum that the bank could move thousands of jobs to the European Union if the UK voted Leave.
Four of the biggest global investment banks whose European bases are in London are working on plans to move staff out, it is reported today.
The report did not say JP Morgan was one of the four.
But note that Raghavan said: “It’s really premature to trigger any contingency plan because you cannot know yet what you are solving for.” Fair enough. But should we conclude that such a plan exists, somewhere in Little Red Raghavan’s basket?