JP Morgan (NYSE:JPM) boss Jamie Dimon said on Tuesday that they only plan to move thousands of jobs from the UK if told to by the EU in response to Brexit.

During the referendum, the Wall-Street bank initially said they would move up to 4,000 jobs if the UK voted to leave. Dimon said at a conference in Paris that initially, several hundred jobs would move, but the final number will be up to new EU laws and regulations.

“People should focus more on the second step … What happens next is totally up to the EU. It’s not up to Britain.

“If the EU determines over time that they want to move a lot more jobs out of London into the EU, they can simply dictate that. The regulators can dictate it, the politicians can dictate it,” he continued.

“If regulators say one day ‘we’re not comfortable with your risk people, your lawyers, your compliance being in the UK,’ they can make us move it. ”

Approximately 16,000 people work for JP Morgan in the UK, with 75 percent of their operations carried out of EU companies.

Dimon has said that most of these operations will now be carried out in Frankfurt, Dublin and Luxemburg.

The lender is in the process of purchasing a new office block in Dublin, which can house double the number the current Irish employees.

Speaking at the same conference was HSBC’s (LON:HSBA) Stuart Gulliver, who confirmed the lender would be moving 1,000 jobs to Paris in the case of a hard Brexit.

Dimon said that in the case of a hard Brexit: “It’s easy we plan for that … all it means is that several hundred jobs have to legally be done through an EU sub[sidiary],”

The conference is being held just days before banks must officially submit plans for how they plan to cope with a hard Brexit.