300 JP Morgan workers will have to move in a no-deal Brexit

A US investment bank has sent new contracts to hundreds of employees in London requiring them to relocate if Britain leaves the European Union without an agreement next month.

JP Morgan Chase told trading and sales staff last week that a no-deal Brexit would mean that they would move to a financial centre in Europe.

Managers are understood to have initially approached about 300 affected workers last autumn to raise the prospect of the change.

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