THE head of JP Morgan has said the European Union will be able to dictate how many jobs it cuts in the UK after Brexit.

Chairman and chief executive Jamie Dimon said the bank – which is Bournemouth’s biggest employer – was on track to move “several hundred” of its UK jobs to the EU.

But he indicated that number could balloon.

JP Morgan employs around 4,000 people in Bournemouth, making it the town’s biggest private employer. Mr Dimon said three-quarters of its UK jobs served clients in the EU.

Speaking at the Paris Europlace International Financial Forum, he said: “If the EU determines over time that they want to start to move a lot more jobs out of London and into the EU, they can simply dictate that.

“We have 16,000 people in the UK but ... 75 per cent of that is servicing EU companies, and if regulators say one day, you know, ‘We’re not comfortable with your risk people, your lawyers, your compliance being in the UK’ they can make us move it.

“So we will simply be subject to what they do down the road.”

JP Morgan revealed earlier this year it would be anchoring its EU operations in Dublin, Frankfurt and Luxembourg.

It is understood the majority of jobs will settle in three cities, but others will be spread across the EU. It has offices in cities including Paris, Milan, Madrid and Stockholm.

The relocation drive is expected to take place ahead of spring 2019 when the two-year window for Brexit negotiations draws to a close, and the UK is expected to lose passporting rights for financial services.

However, Mr Dimon’s comments raise the prospect of a further exodus of banking jobs after those exit talks draw to a close.

“What happens next is totally up to the EU, it’s not up to Britain,” Mr Dimon said.

Before last year’s referendum, Mr Dimon warned during a visit to Bournemouth that 4,000 of the bank’s UK jobs could move.

EY’s Brexit Tracker earlier this week showed 59 financial services firms are currently either reviewing their British operations or have started moving parts of their business out of the UK, up from 23 companies in March.