A BILLIONAIRE bank chief has caused outrage by suggesting BREXIT could still be REVERSED.
Jamie Dimon, chief executive officer of America's biggest bank JPMorgan Chase & Co, described the UK's decision to pull out of the EU as "unchartered territory" and said there would be nothing wrong in changing course.
The 60-year-old said: “Maybe you can even reverse Brexit. There are always solutions to the problems as long as you have the right people in the room.”
JPMorgan Chase & Co employs 16,000 people across the UK and Mr Dimon said some may have to relocate to Europe depending on rules set after Brexit negotiations.
He said the crucial question was the so-called passport rule which allows lenders in the UK to work with EU counterparts.
Mr Dimon said in the interview with Italian newspaper Il Sole-24 Ore: “If we have that passport after Brexit, we likely would not have to make any change at all.
“But I think the European Union will not accept that. It will put more conditions on the UK and might force banks to become smaller in London.
“We do not know what is going to happen. The worst case is that we might have to relocate a few thousand people to other offices in the eurozone, though the majority would stay in the UK.”
Mr Dimon said Brexit would slow down the eurozone and British economies but probably would not cause a recession.
The billionaire businessman, who gets paid more than £15million a year, said the world had adjusted rationally to result of last month's historic EU referendum.
The US bank chief said: “There is going to be more uncertainty than many people thought going forward so the market reacted to that so this is rational thinking, assets are going to be worth less, there is going to be less credit risk.”
Another senior euro-banker, Axa chief executive Henri de Castries, said the odds the UK will reverse its vote to leave the EU are “low, but not zero.”
He said the rules for officially starting Britain’s departure from the EU left room for interpretation while negotiating positions may converge as the repercussions of Brexit become clearer.
Jamie Dimon, chief executive officer of America's biggest bank JPMorgan Chase & Co, described the UK's decision to pull out of the EU as "unchartered territory" and said there would be nothing wrong in changing course.
JPMorgan Chase & Co employs 16,000 people across the UK and Mr Dimon said some may have to relocate to Europe depending on rules set after Brexit negotiations.
He said the crucial question was the so-called passport rule which allows lenders in the UK to work with EU counterparts.
Mr Dimon said in the interview with Italian newspaper Il Sole-24 Ore: “If we have that passport after Brexit, we likely would not have to make any change at all.
“But I think the European Union will not accept that. It will put more conditions on the UK and might force banks to become smaller in London.
“We do not know what is going to happen. The worst case is that we might have to relocate a few thousand people to other offices in the eurozone, though the majority would stay in the UK.”
Mr Dimon said Brexit would slow down the eurozone and British economies but probably would not cause a recession.
The US bank chief said: “There is going to be more uncertainty than many people thought going forward so the market reacted to that so this is rational thinking, assets are going to be worth less, there is going to be less credit risk.”
Another senior euro-banker, Axa chief executive Henri de Castries, said the odds the UK will reverse its vote to leave the EU are “low, but not zero.”
He said the rules for officially starting Britain’s departure from the EU left room for interpretation while negotiating positions may converge as the repercussions of Brexit become clearer.
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