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Brexit `cannot possibly be a positive' for UK's GDP, JPMorgan Chase's Dimon says

( April 7, 2021, 23:00 GMT | Official Statement) -- Brexit "cannot possibly be a positive" for the UK's gross domestic product, said JPMorgan Chief Executive Jamie Dimon, adding that in "many years out", the largest US bank may move its European-servicing operations from London to continental Europe. In his 66-page annual letter to shareholders, Dimon also said US banks face “extensive competition” from Amazon, Apple, Facebook, Google and Walmart, as well as financial technology companies, that is only going to intensify. This Silicon Valley growth will be propelled in part by the increasing importance of the computer cloud, artificial intelligence and digital platforms.  Banks already compete against a “large and powerful” shadow banking system in which nonbanks make short-term wholesale loans, Dimon said.See letter below....

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