The firm - which employs 16,000 people in the UK - is planning to beef up its operations in Ireland, Germany and Luxembourg in preparation for what it deems the “worst case scenario” of a hard Brexit.

Sally Dewar, international head of regulatory affairs at JP Morgan, told a House of Lords committee on Wednesday that the bank was “already in execution mode” on its Brexit contingency plans.

She said discussions with European regulators were “already well in train” on transferring some of its infrastructure and banking licences away from the UK. She said she expected the Treasury to get less tax revenue from the firm as a result of some of its functions moving overseas.

While she did not say how many staff could move, the bank has previously warned that between 1,000 and 4,000 roles could go.

“Some key people decisions have been taken and communicated - it will flow through between now and April 2019,” Ms Dewar said. “By the end of [the first quarter of next year] we will start to have to take decisions around informing clients which then becomes more difficult to unravel.”

Julian Adams, group regulatory and government relations director at investor Prudential, also told the committee the firm was enacting its contingency plans.

The group’s asset management arm M&G will begin moving some assets to Luxembourg before March 2019, although he said the focus was on “jobs created in Luxembourg rather than lost in London”. [...]

Full article on The Telegraph