There's been much fearmongering around Brexit and how it will impact the people of the UK specifically, and the broader global markets. What the people of the UK truly need, just like a hole in the head, is some friendly advice from Jamie Dimon.
Thankfully, everyone can relax, because Dimon has imparted his wisdom on the Brexit situation - with a bit of a carrot for listening to him as well, in true banker fashion.
"Brexit has put a lot of uncertainty in the markets and in the economy. The markets will calm down a bit." Dimon said
Alas, as we reported earlier the Nasdaq erased all Brexit losses this morning - so far so good Jamie, so far so good.
Dimon's next comment, as reported by Bloomberg, is the key - Dimon was discussing the results of Brexit and specifically the use of the "passport rule" which currently enables companies with operations in the UK to sell their services to the other 27 nations in the bloc. If the UK can't win continued use of the passport rule, Dimon said he would be "forced" to consider shifting his 16,000 UK-based staff...
"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."
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