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