JP Morgan to move €200bn in assets from UK to Germany due to Brexit
- 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.
You may also want to watch:
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.
- 1 This chumocracy is costing our country
- 2 Bob Geldof takes swipe at No 10 saying 'lying is second nature' to them
- 3 Jacob Rees-Mogg says it's 'all the EU's fault' musicians can't tour Europe
- 4 Fifteen ways to fix Britain
- 5 Tory minister admits UK rejected EU's music visa offer in order to 'take back control' of borders
- 6 Tory MP complains 'less scrutiny of trade deals' than when UK was in EU
- 7 Piers Morgan tells Gavin Williamson to resign for being a 'catastrophe'
- 8 Poll finds Brexit-backing Wales would vote to rejoin EU
- 9 Labour to force vote on retaining workers' rights as Brexit threatens holiday pay and 48-hour week
- 10 Who's on the BBC's Question Time tonight?
Employees were told to move to European cities including Frankfurt, Paris, Milan and Madrid, Bloomberg reported.
Become a Supporter
The New European is proud of its journalism and we hope you are proud of it too. We believe our voice is important - both in representing the pro-EU perspective and also to help rebalance the right wing extremes of much of the UK national press. If you value what we are doing, you can help us by making a contribution to the cost of our journalism.