Chief executive of JPMorgan Chase Jamie Dimon has warned Brexit could potentially have a significantly negative impact on the health of the UK economy.
Dimon warned the UK's departure from the EU could be "tough for the British people" and has the potential to hurt wider markets as it "will have an impact on global growth, and so Brexit could hurt everybody a bit", according to the FT.
Following the resignation of Brexit secretary David Davis and foreign secretary Boris Johnson on Monday (9 July) over Theresa May's negotiating plan, Dimon's comments reflect growing frustration in the business community over a lack of clarity from government on Brexit.
Dimon said: "We still do not fully understand what Brexit is, its economic effects and how its effects will play out: these are huge question marks that will stay for a long time.
"I do think that, because of Brexit, some businesses across the financial and manufacturing sectors will be relocating from the UK to other parts of Europe, including Italy."
Earlier in July, JPMorgan became the latest bank to begin shifting staff out of London ahead of Brexit, informing UK employees that "several dozen" of them had been "asked to consider relocation from the UK" by the end of 2018.
It follows previous warnings from the bank boss that its 16,000-strong UK workforce could be reduced by 4,000 after the UK departs the EU.
Elsewhere, Dimon warned the new populist Italian government of similar consequences should it try to wrench the country from the eurozone.
He also raised concerns of the potential "bad outcome" of US president Donald Trump's threats to impose tariffs on imports.
Dimon said: "President Trump has been warned about this by the business community in the US.
"The impact of tariffs on trade can offset the benefits that US growth is having from tax reform, but we do not yet know to what extent."
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