JPMorgan has warned that its Brexit plans are “past the point of no return”.

Mark Garvin, the vice chairman of the corporate and investment banking arm, said that 4,000 jobs could move from the UK if no deal has been agreed.

“We are now in full execution mode,” Garvin told MPs.

“We are in the very advanced phases of execution, in fact. A number of these initiatives are already in flight and in many cases we have passed the point of no return – they are happening.”

On the exact number of the 16,000 UK employees that are expected to move from the UK, Gavin said: “There is clearly a scenario where actually one does envisage that kind of outcome.”

“That is not a forecast, that is a scenario. It is a scenario that can be mitigated by a series of arrangements.”

“Our industry is in a constant state of flux and I can say personally we have been through far more significant tumult than this, so this is an event we can very well manage,” he added.

“Compared to what is happening as a result of digitisation and other types of disruption, this is not a massive challenge.”

JPMorgan is not the only bank preparing for a no-deal Brexit.

Citi (NYSE: C) has said that between 150-200 staff will be affected. Barclays (LON: BARC) expects around 150 to move from London to Dublin.

Share in JPMorgan (NYSE: JPM) are trading at 114,43 (0756GMT).

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Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.