JP Morgan CEO Jamie Dimon warns of job cuts if Britain votes to leave the EU, as sterling shrugs off better than expected services sector data. Kirsty Basset reports.
Another high profile entrant to the EU referendum debate. This time, JP Morgan CEO Jamie Dimon - Throwing his support behind the Remain campaign. (SOUNDBITE) (English) JP MORGAN CEO JAMIE DIMON SAYING: "It is my opinion it is a terrible deal for the British economy and jobs." He urged staff at JP Morgan's Bournemouth office to think carefully about their decision, warning a British exit would create uncertainty, and cost jobs. (SOUNDBITE) (English) JP MORGAN CEO JAMIE DIMON SAYING: "Today we can service EU companies here, freely, with systems, technology, research, investment banking, sales and trading. We do it here. After a Brexit we can not do it all here. And we will have to start planning for that. I don't know if it means 1,000 jobs, 2,000 jobs, it could be as many as 4,000." Despite better than expected UK services sector data on Friday, sterling remained subdued, in a year that's seen the currency fluctuate ahead of the referendum. SOUNDBITE (English) JP MORGAN, MARKET ANALYST, NANDINI RAMAKRISHAN, SAYING: "It has been quite a wild ride. The pound is now fairly stable, up after its fairly low points earlier this year - 1.38, now up to 1.46/1.47 against the dollar. And we expect that to continue in that range until the referendum date whereby a vote to leave would cause definite weakness in the pound, a vote to remain would keep the pound fairly stable at the current level." Bookmakers have shortened their odds on a Brexit to 28 percent, after two polls this week showed voters were leaning towards leaving.