(La première ministre anglaise annonce 130 milliards pour aider les britanniques et aussitôt l'autre, il déménage. Eh oui, entreprise si tu veux survivre, il te faut partir. note de rené)
JPM Considers Shifting German Office To London Amid Power Blackout Threat
JP Morgan has developed emergency measures to shift a unit of German traders into London offices as the Wall Street bank is preparing for dark winter in Frankfurt following Russia's suspension of natural gas flows via the Nord Stream 1 pipeline.
The Telegraph reported that JPM "is preparing a raft of emergency measures so that it can continue trading if there are power outages this winter," following Russian state-owned energy giant Gazprom's decision last Friday to halt NatGas flows on the critical pipeline into Europe until the EU lifts sanctions against Moscow.
A source said JPM considered the options to shift its Frankfurt office to London or other locations in Europe if Germany is hit with rolling blackouts.
"Work transfers could also be to and from any location, not just involving the UK," the source added:
The plan has yet to be activated but is in place due to threats that the Nord Stream 1 pipeline shutdown will exacerbate Europe's energy crisis in the months ahead.
The source continued: "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."
Germany is unlikely to reach its target for filling NatGas storage to 95% by November, even though the rest of Europe is ahead of schedule to boost winter reserves. Germany's failure not to hit the target would mean trouble for utilities to secure power for industries and households.
Klaus Mueller, president of the Federal Network Agency energy regulator, recently warned that if Russia stopped NatGas flows with storage at the target level, it would only cover 2.5 months of demand.
JPM seems to be spooked by Nord Stream's zero flows and the rising probabilities of a dark winter in Germany.
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