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European Union

Jamie Dimon Calls for Closer Ties between Britain and EU to Fuel Economic Growth

Strategic Insights

— 1 min read

British Prime Minister Sir Keir Starmer and Chancellor Rachel Reeves are set to host an inaugural post-Brexit summit with European leaders to strengthen economic ties and bolster security. In a wide-ranging interview with Jamie Dimon, head of JP Morgan, Dimon emphasized the importance of a closer relationship between Britain and the Continent, highlighting the potential for growth and security benefits for both parties. Despite acknowledging some Brexit-related job losses, Dimon expressed support for the British government's efforts to boost economic growth and praised the trade deals with India and America.

Key Takeaways:

  • Jamie Dimon, head of JP Morgan, has called for Britain and the EU to forge closer ties at the inaugural post-Brexit summit to fuel economic growth and bolster security.
  • Dimon believes Britain and the Continent have a "tremendous common interest" in achieving a closer relationship, which would strengthen the "whole western world".
  • Despite Brexit-related job losses, Dimon's bank, JP Morgan, has increased its staff count in Britain by 6,000, and its headcount on the Continent has doubled to 6,000.
  • The bank has lent £600 billion to businesses in Britain over the past five years, with 22,000 staff in the country.
  • Dimon has warned that Britain could have handled its treatment of non-domiciled individuals differently, suggesting a fee could have been levied instead of ending the "non-dom" status.
  • Dimon has expressed support for the British government's approach to generating economic growth and praised the trade deals with India and America.

Statistics:

  • £600 billion: The amount JP Morgan has lent to British businesses in the past five years.
  • 22,000: The number of JP Morgan staff in Britain.
  • 6,000: The number of JP Morgan staff on the Continent, double the previous number.
  • 4,000: The number of jobs JP Morgan warned it could cut if Britain left the EU (although the bank has actually increased its headcount).
  • 250: The number of JP Morgan staff in Paris before the increase, now 1,000.
  • 5 years: The time period over which JP Morgan has lent £600 billion to British businesses.
  • 500: The number of roles that have left London for the EU.

Sources:

  • Business section, The Guardian (no publication date provided)
  • Interview with Jamie Dimon (no publication date provided)

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