JPMorgan to remain in the UK, newspaper report claims

11 August 2010

JPMorgan is to maintain a base in the UK despite concerns over the impact of regulatory changes within the financial services sector, a newspaper report has claimed.

According to the Guardian, an internal memo suggests that the investment bank is not looking to leave either London or the UK.

"We have no immediate plans for any significant changes impacting our presence in the UK," the bank said in the message, although it also stated that the firm is currently reassessing its property requirements. the newpaper reported.

The bank was one of a number of institutions thought to be considering its position in the UK after the government announced a consultation on introducing a levy on the balance sheets of banks.

It could follow the one-off tax on banker bonuses over £25,000, which cost the financial institution £328 million.

Commenting following the release of the bank’s financial results earlier in the year Jamie Dimon, JPMorgan’s chief executive, said: “We recognize a number of positive aspects of the pending regulatory reform legislation, including systemic risk oversight and resolution authority.

“However, many challenges and uncertainties remain which may result in unintended consequences for our clients, the markets and our businesses.”

By Jim Ottewill

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