Investment banks with their European bases in London have reacted immediately to the British referendum result, CNBC reports. JP Morgan, Goldman Sachs, Bank of America and Morgan Stanley are preparing to move parts of their businesses to Dublin, Paris and Frankfurt. JP Morgan chief executive Jamie Dimon said he was looking at shifting as many as 4000 jobs out of the UK. The managing director of Kotak Mahindra Bank, one India's top private-sector banks, has accused rival lenders of refusing to face up to the scale of their bad loan crisis, saying that only about half the sector's distressed assets have been publicly identified so far despite a crackdown by the central bank. The warning from one of India's leading bankers suggests further pain ahead for the banks, whose shaky balance sheets are seen as one of the biggest risks to the national economy, the Financial Times suggests.