NEW YORK (TheStreet) -- Shares of JPMorgan Chase (JPM) - Get Report are falling 7.18% to $59.45 on heavy trading volume late Friday afternoon after Britain's vote to exit the European Union led to economic uncertainty and triggered a selloff in global markets.
Banking stocks in particular might need to eliminate and relocate thousands of jobs to meet new regulations following the referendum, CNBC.com reports.
JPMorganCEO Jamie Dimon issued a statement this morning acknowledging that the bank might alter its legal structure and the location of some roles. The bank employees 16,000 workers in the U.K., Dimon said in the statement.
Dimon, who believed a 'Brexit' would be a terrible deal for the U.K. economy, also sent a Friday afternoon memo to JPMorgan staff about the record volumes in currency trading seen in the wake of Britain's decision.
"Importantly, we worked with clients before the vote to address their concerns and to ensure we were prepared to handle their needs in any eventuality," he said in the memo, according to MarketWatch. "Our sales teams, major business lines, and corporate functions coordinated closely as market dynamics changed - serving our clients and protecting our company."
About 29.61 million shares of JPMorgan have been traded so far today, well above its average trading volume of roughly 13.99 million shares per day.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of A-.
JPMorgan's strengths such as its expanding profit margins and attractive valuation levels outweigh the fact that the company shows weak operating cash flow.
You can view the full analysis from the report here: JPM
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.