World Economy

UK Banks Could Suffer Fallout

UK Banks Could Suffer FalloutUK Banks Could Suffer Fallout

Politicians and bankers have warned that a UK exit from the European Union will cripple London’s financial sector, NewsNow reported. Banks have been increasingly vocal on the potential consequences of a vote to exit the EU. In a visit to the UK earlier this month, JP Morgan Chase & Co. chief James Dimon said, the bank may need to move some of its 16,000 UK staff. HSBC Holdings PLC has also said up to 1,000 staff could be moved. Members of the campaign to stay in the European market have tried to drive home the point that a blow to Britain’s financial sector could cause job losses in areas such as food services, hotels and property development. The financial-services industry accounts for just 3.4% of the UK’s total jobs, but 8% of GDP, contributing £129.9 billion ($186.41 billion) to the UK economy in 2014, according to government data.