JP Morgan boss in new warning on Brexit job losses

The chief executive of JP Morgan has told the BBC it could cut its 16,000 UK Jamie Dimon said the US bank had not needed to make drastic cuts on day one after the EU referendum.

But he revised his long-term estimate of job losses upwards if Brexit talks failed to produce an outcome close to the current arrangements.

Mr Dimon added that such a scenario would harm London as a financial hub.

The boss of the US's most valuable bank had warned in the run-up to the referendum that 4,000 jobs could go if the UK voted to leave the EU.

Since then, JP Morgan has revised that estimate down to between 500 and 1,000 jobs, leading many to dismiss his warnings as part of "Project Fear".

In an interview with the BBC at the World Economic Forum in Davos, Mr Dimon acknowledged that on closer analysis, it turned out the bank did not need to make such drastic moves on day one of Brexit.workforce by more than a quarter if financial rules diverge after Brexit