union of nations. The uncertainty of what is to happen with the United Kingdom leaving the EU will kill business confidence and deflect international investment. We have already seen big global banks such as JP Morgan Chase and Citibank warned they will have to eliminate tens of thousands of jobs because they no longer will be able to adequately serve their European clients from London. “I don’t know if it means a thousand jobs, 2,000 jobs” are at risk of being cut because of Brexit, Jamie Dimon, CEO of J.P. Morgan said. Dimon also stated that, “It could be as many as 4,000 and there would be jobs…all around the United Kingdom,” that could go. J.P. Morgan has roughly 16,000 people working for it in the United Kingdom. Other companies that have set up distribution centres in the United Kingdom now fear a major impact on business as British exporters could now lose the preferential access
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JULY 2016 • SPOTLIGHT ON BUSINESS
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