JPMorgan is close to setting up a bank based in Luxembourg to handle the clearing of eurozone transactions, paving the way for the U.S. bank to transfer more of its business out of the UK in the event of a Brexit, the Times reported. The banks are also considering the tougher rules imposed by the European Union for conducting business outside of the eurozone, the Times said. The changes are not likely to lead to a large number of jobs moving to Luxembourg and London would remain the European headquarters of JPMorgan for the present, the Times cited a source familiar with the matter as saying.