Dimon’s memo:
British citizens voted yesterday to begin a new, independent relationship with the European Union. This decision is a seminal moment in European politics and in the history of the United Kingdom.
J.P. Morgan has 16,000 employees in the U.K. We are extremely proud of the work they do and our long history in the country. Regardless of today’s outcome, we will maintain a large presence in London, Bournemouth and Scotland, serving local clients as we have for more than 150 years.
The framework of the U.K.’s engagement with the EU, including trade agreements, will be negotiated over a period of years. For the moment, we will continue to serve our clients as usual, and our operating model in the U.K. remains the same.
In the months ahead, however, we may need to make changes to our European legal entity structure and the location of some roles. While these changes are not certain, we have to be prepared to comply with new laws as we serve our clients around the world. We will always do our best to take care of our people and do the right thing during times of change.
We recognize the potential for market volatility over the next few weeks and we are ready to help our clients work through it. As of today, there are no changes to the structure of our clients’ relationships with JPMorgan Chase or their ability to work with our firm, but again this may change in the coming months or years.
We are hopeful that policymakers will recognize the immense value created through a continued open economic engagement between the U.K. and EU members. As negotiations offer more clarity over the coming months, we will communicate with you and with our clients regarding any relevant changes.
Jamie Dimon, Daniel Pinto, Mary Erdoes
Blankfein’s memo:
As you may have seen by now, the British people have voted to leave the European Union, and we respect this outcome. We have had a strong team focused on this potential result for many months. There is no immediate change to the way we conduct our business. A process of negotiating the terms of the exit will now begin, and is expected to take a considerable period of time. Goldman Sachs has a long history of adapting to change, and we will work with the relevant authorities as the terms of the exit become clear. We are committed to our people and our clients, and will work diligently to ensure the best possible outcome. We will continue to communicate with you as relevant information becomes available.
Lloyd C. Blankfein
Gary D. Cohn
The markets are primed for action. Even before Brexit, the S&P 500 failed to breach previous record highs 3 times in 12 months which is often a signal for turbulence ahead. Here’s an annotated chart I sent to a client on June 20th, 2016. It doesn’t usually play out this way, but the timing of this was pretty amazing.
In addition to the Brexit news, the U.S. jobs report recently delivered a negative surprise, and previous month jobs number were revised down.
Things are bad, if they weren’t the world would not be at zero to negative interest rates.
Buckle up for the ride, I expect a lot more volatility through the end of the year.
By the way, volatility does not mean the market will go straight down.
My hope is that you take this information, research, do more research, build a plan, and plan for your plan to be wrong.
Take a few minutes and consider your unique situation. Next, write down your thoughts and concerns. Think about your thoughts and words again. Finally, share your findings with me by calling, emailing, or filling out the form below.
-IP
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For more information about insurance and your investment options contact:
Jason Soloman, The Investment Professor, Tactical Investment Advisors LLC
Phone: (980) 233-9770
Email: info@investmentprofessor.com
Address: 19825-B #149, W. Catawba Ave, Cornelius, NC 28031
The information in this blog post is not intended as tax, financial, insurance or legal advice. Please consult a licensed professional for specific information regarding each individual situation. This post was developed and produced on a topic that may be of interest to the general public. The opinions expressed, and the material provided are for general information only and should not in any way be considered solicitation.
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