BOURNEMOUTH’S biggest private employer JP Morgan has reportedly told the American government that it could start moving jobs out of the UK.

A consortium of banks including JP Morgan Chase, Goldman Sachs and HSBC warned US commerce secretary Wilbur Ross that they might start moving staff abroad in the near future, it has been reported.

Senior executives blamed lack of clarity over whether the government will secure a transition deal to help them navigate the change in financial regulation after the UK leaves the EU.

The Financial Times said the banks also outlined their concern that they had received no clear indication of what the final Brexit deal might look like at the closed-door meeting during Mr Ross's visit to London on Friday.

Without this clarity, they told Mr Ross they would move chunks of their operations to the US or other EU cities.

Possible contingency plans have been debated by banks since before the EU vote, but the discussions have become increasingly urgent, a source told the FT.

Catherine McGuinness, policy chair at the Corporation of London, which is the City's local government, said "the fear of a crash-out is rising".

She said the next three months could prove the tipping point for many banks for their future operations in London, adding: "We really shouldn't understate or underestimate what a critical moment we're at for this sector."