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JP Morgan chief weighs into EU debate

Friday, June 03, 2016 - 01:34

JP Morgan CEO Jamie Dimon warns of job cuts if Britain votes to leave the EU, as sterling shrugs off better than expected services sector data. Kirsty Basset reports.

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Another high profile entrant to the EU referendum debate. This time, JP Morgan CEO Jamie Dimon - Throwing his support behind the Remain campaign. (SOUNDBITE) (English) JP MORGAN CEO JAMIE DIMON SAYING: "It is my opinion it is a terrible deal for the British economy and jobs." He urged staff at JP Morgan's Bournemouth office to think carefully about their decision, warning a British exit would create uncertainty, and cost jobs. (SOUNDBITE) (English) JP MORGAN CEO JAMIE DIMON SAYING: "Today we can service EU companies here, freely, with systems, technology, research, investment banking, sales and trading. We do it here. After a Brexit we can not do it all here. And we will have to start planning for that. I don't know if it means 1,000 jobs, 2,000 jobs, it could be as many as 4,000." Despite better than expected UK services sector data on Friday, sterling remained subdued, in a year that's seen the currency fluctuate ahead of the referendum. SOUNDBITE (English) JP MORGAN, MARKET ANALYST, NANDINI RAMAKRISHAN, SAYING: "It has been quite a wild ride. The pound is now fairly stable, up after its fairly low points earlier this year - 1.38, now up to 1.46/1.47 against the dollar. And we expect that to continue in that range until the referendum date whereby a vote to leave would cause definite weakness in the pound, a vote to remain would keep the pound fairly stable at the current level." Bookmakers have shortened their odds on a Brexit to 28 percent, after two polls this week showed voters were leaning towards leaving.

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JP Morgan chief weighs into EU debate

Friday, June 03, 2016 - 01:34