JP Morgan to shift €200bn in assets to Germany due to Brexit

An aerial view of the offices of HSBC, Citi, JP Morgan and Barclays banks in Canary Wharf, east London. - Credit: PA

JP Morgan Chase & Co are planning to move up to €200 billion (£184 billion) in assets from the UK to Germany due to Brexit.

A report by Bloomberg suggested the US banking goliath will shift the funds to a Frankfurt-based subsidiary by the end of this year.

The move will make JP Morgan Germany’s sixth largest lender, according to asset reports from bank last year.

A JP Morgan spokesperson in Frankfurt declined Bloomberg’s request for comment.

The news comes after as the threat of a no-deal Brexit looms large.

Lenders have already begun to shift their operations into Europe to ensure they can continue to operate if UK-based firms do not get trading rights with the EU.

UBS, Standard Chartered and Citi have already shifted assets to Europe but the move by JP Morgan would be the largest.

Last week JP Morgan told around 200 of its UK-based staff to plan to move out of London because it sees little hope of the UK reaching a deal on financial services with the bloc.

Employees were told to move to European cities including Frankfurt, Paris, Milan and Madrid, Bloomberg reported.