Banking giant JP Morgan is planning to switch out the lights in its Frankfurt HQ for the last time and shift its workforce to London amid blackout fears across Germany this winter. With Putin turning off the gas taps to Europe, spooked executives are drawing up emergency measures to set up shop in Britain should Germany go dark over Christmas. The same JP Morgan that shifted billions in assets out of London right after Brexit. Welcome back.
Even if they ultimately decide to stay in Frankfurt, they’re also considering bringing in diesel generators just to keep the phones working without mains power for several days. Although they’re obviously still insisting this is all just contingency planning:
“It would take a perfect storm of a complete shutdown of Russian gas supply, no reduction of gas use at all and little alternative sourcing for gas before it would have real impact on our business.”
Hopefully no cold, dark nights in Brrr-lin this winter…