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The research, done around 2011, concluded that certain European moves wouldn’t make financial sense. This underscores how difficult and potentially costly any moves may be for banks if they are forced by Brexit to relocate some of their businesses from the U.K. to other countries within the EU.

Last week, Mr. Dimon said on a quarterly earnings call he hoped politicians would be “very sensible” on decisions relating to the EU and the U.K., such as giving businesses years to adjust to the new reality. He said the bank will continue to serve clients in European countries, even if costs increase. The bank is prepared for “a range of outcomes,” he added.

J.P. Morgan and other large banks are examining relocation strategies in light of Brexit, though most stress the discussions are at an early stage. J.P. Morgan’s analysis includes the pros and cons of moving several hundred employees from the U.K. to other European countries, though it doesn’t currently envision creating a new European headquarters to replace London, people familiar with the matter said.