JPMorgan chief executive Jamie Dimon has warned that US banks would have to uproot their London-based staff if the EU orders them to do so after the UK leaves the political bloc, underscoring the potential impact of Brexit on the City of London.

While JPMorgan currently plans to shift “several hundred” of the bank’s 16,000 UK staff to the continent as soon as the UK leaves the EU, Mr Dimon said the bank would have no choice but to move more people if European banking supervisors insisted.

“If the EU determines over time that they want to move a lot more jobs out of London into the EU, they can simply dictate that,” he told European finance executives and politicians gathered in Paris on Tuesday.

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