JP Morgan is to move some of its wealth management operations to Luxembourg from London as part of the US bank’s accelerating preparations for Brexit.

A report in the Financial Times said that the firm would restructure its wealth management division and establish a “significant” operation in Luxembourg that would also serve JP Morgan’s fund management clients across the European Economic Area.

The restructuring, expected to be completed by early 2019, will involve dissolving London-based JP Morgan International Bank and its assets and client accounts will be transferred to JP Morgan Bank Luxembourg SA.

Mark Garvin, vice-chairman of JPMorgan’s corporate and investment banking division, this week told the UK Parliament’s Commons Treasury Committee that the bank’s plans to move operations to the continent were now “past the point of no return” and that as many as 4,000 jobs in the UK could be relocated in the event of a no-deal Brexit.

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