US firms to shift jobs out of UK after Brexit

US banking and financial sector companies may eventually shift thousands of jobs out of London and elsewhere across the UK as a result of Britain leaving the European Union (EU).

JPMorgan Chase CEO Jamie Dimon and other executives of the New York-based multinational banking and financial services company sent out a warning for their 16,000 British employees just hours after the market-rattling referendum outcome became known Friday.

"In the months ahead, however, we may need to make changes to our European legal entity structure and the location of some roles," the bank executives cautioned. "While these changes are not certain, we have to be prepared to comply with new laws as we serve our clients around the world."

A banking sector report released on June 15 by US investment banking firm Keefe Bruyette & Woods estimated that more than 10,000 British jobs at five major American banks could be affected.

"We're already seeing rumors that certain teams and financial services will be moved from London to other parts of the EU," said Raoul Ruparel, co-director of Open Europe, a think tank with offices in London and Brussels.

EA