Brexit Secretary David Davis. PA Wire/PA Images LONDON — JPMorgan has delivered a scathing verdict on the government's Brexit white paper setting out plans for leaving the European Union, calling it shallow and lacking in detail.

The government on Thursday published a 78-page document setting out its official negotiating position for Britain leaving the EU, fleshing out the 12 objectives Prime Minister Theresa May outlined in a speech last month.

Malcolm Barr, an economist who covers the UK at the Wall Street bank, gives a damning verdict of the document, saying it is far too light on detail and underestimates the size of the challenge facing Britain.

Barr says in a note sent to clients on Thursday: "As a distillation of the state of knowledge within the UK government six months after the vote, and with the beginnings of a time-compressed negotiation just weeks away, the shallowness of the analysis and absence of detail are matters of great concern, in our view."

He highlights a lack of detail on EEA membership, the UK’s likely liabilities upon leaving the EU, what regulatory bodies and regimes will need to be replaced upon exit, and says there is "no meaningful detail" on how the government will control migration.

Barr says that the government is "misjudging both the political and practical scale of the task ahead" and warns "we see increasing grounds for concern that the plan as constituted cannot be credibly delivered."

He says multinationals "may choose to vote with their feet rather than waiting to see the negotiated outturn" given the continued uncertainty.

JPMorgan is one of several investment banks that has warned it will have to move jobs out of the UK as a result of Brexit. CEO Jamie Dimon told Bloomberg at Davos last month: "It looks like there will be more job movement than we hoped for." The bank employs 16,000 people in the UK.