JPMorgan hire FCA regulator to advise on European affairs

JPMorgan hire FCA regulator to advise European affairs

It was reported last week that JPMorgan has appointed Clive Adamson, former senior UK regulator to provide advice on European regulatory affairs.

Adamson will report to another former regulator, Sally Dewar, who is in charge of JPMorgan’s regulation in the EMEA region. He will now direct other JPMorgan employees on how internal regulation and risk processes should be controlled, according to bank memo sent to staff.

Prior to this role, Adamson supervised companies on behalf of the Financial Conduct Authority, but decided to leave after being criticised for how he handled the leak of an insurance industry review before publication. This led to share prices for the insurance company dropping dramatically, according to Reuters.

Alongside this, Adamson will also join the JP Morgan International Bank Limited board which is the main legal entity for the private bank in Europe.

It was also reported this week that the bank may plan a Brexit, or British exit. US based JPMorgan is close to setting up a bank in Luxembourg in order to handle the clearing of Eurozone transactions, which will ensure that more business is transferred out of the UK, according to The Times.

These changes are not expected to increase the number of jobs for JPMorgan in Europe and the headquarters would remain in London for the foreseeable future.

The changes are not likely to lead to a large number of jobs moving to Luxembourg and London would remain the European headquarters of JPMorgan for the present, the Times cited a source familiar with the matter as saying.