24 Jun 2016

Brexit announcement

British citizens voted yesterday to begin a new, independent relationship with the European Union. This decision is a seminal moment in European politics and in the history of the United Kingdom.

J.P. Morgan has 16,000 employees in the UK today. Nothing changes for J.P. Morgan’s operating model in the United Kingdom or Europe today, but changes may occur to our legal and regulatory structure in the months and years to come. We will maintain a large presence across the United Kingdom and continue to serve clients in the EMEA region, as we have for more than 150 years.

We do not yet know the terms of the UK’s ongoing engagement with the EU. Once they have been further clarified in the coming months, we will communicate with our clients promptly on relevant changes we may need to make to our European business model.

As our research teams have reported, we recognise the potential for market volatility and we are ready to help our clients work through this. We have been preparing internally and will be available to assist you through this period.

As of today, there are no changes to the structure of our clients’ relationship with J.P. Morgan. If we are required to change our legal and regulatory structure in the coming months or years, we will notify you promptly if there are any changes that impact your relationship with J.P. Morgan. Until then, we will continue to serve our clients as usual.

Sincerely,

Mike O’Brien

CEO of GIM EMEA