Brexit

Banks may need to find $30 billion to $50 billion of additional capital to support new European units in the aftermath of a hard Brexit, and some smaller firms may abandon their operations on the continent altogether as profitability plunges, according to Oliver Wyman Inc.

Banks planning to shift parts of their operations from London to other European cities because of Brexit will have to increase salaries because of a skills shortage, according to the head of a recruitment company.

JPMorgan Chase CEO Jamie Dimon said European Union officials could force London-based firms to move substantially more employees abroad than planned if they demand additional banking operations be performed inside the bloc.

JPMorgan Chase is in talks to buy a Dublin office building as the bank considers expanding in the Irish capital as one of its options for when Britain leaves the European Union, according to people with knowledge of the matter.

Host Brett King reports from this week's LendIt conference in New York.