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'Too early to say' if bank quits London

By Ben Woods

JP Morgan said it was "too early to say" if it would shift its European headquarters out of London, as it drove home a better-than-expected set of results.

The US banking giant saw second-quarter earnings drop to $5.67bn (£4.2bn), down from a profit of $5.78bn (£4.3bn) over the same period last year.

Marianne Lake, the bank's chief financial officer, said: "We would like to believe that we would continue to have our European franchise headquartered in London, but it's too early to say."

The comments came after chief executive Jamie Dimon warned last week that the bank could shift thousands of jobs out of the UK if the country loses the right to sell financial services.

Mr Dimon said if it still had passporting rights following Britain's Brexit negotiations, it may not make any changes to current operations in the UK, where it employs 16,000 people.

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