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JP Morgan warns of UK job losses over ‘Brexit’

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London - JPMorgan Chase & Co warned financial services firms from banks to insurers could pull jobs out of the UK in the event of Britain voting to leave the European Union.

Financial services would feel the “negative impact of Brexit” most, which could “result in jobs moving outside the UK,” analysts at the US’s largest bank by assets wrote in a note to clients on Wednesday. British lenders would probably face higher funding costs, while stock prices are likely to be hurt by the referendum in the run-up to the event.

Prime Minister David Cameron is seeking concessions from his fellow EU counterparts over changes to Britain’s membership of the 28-member trading bloc ahead of a referendum expected later this year.

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