JP Morgan could be about to move out of its UK offices, amid concerns that London has been supplanted as a key financial hub.
According to a report from the Telegraph, the US banking giant is mulling leaving premises in Bournemouth and Glasgow, where its back office operations are currently based.
The decision to relocate is thought to have been fuelled by higher taxes on banks and on bank employees, as part of the government drive to cut the Budget deficit.
Should JP Morgan opt to move, it is likely to choose Asia as a new location for its premises.
News of developments comes as the bank is also believed to be considering scrapping plans for a new headquarters in London’s Canary Wharf.
Prior to the introduction of tougher operating conditions for investment banks, JP Morgan harboured plans for a new £1.5 billion development to serve as a base of operations in Europe.