J.P. Morgan intends to move 200 billion euros ($230 billion) to Frankfurt from its U.K. operations. Concerns over Brexit have engineered the U.S. bank’s shift. The migration expected to be finalized by the end of the year. The assets to be shifted comprise less than 10 percent of JP Morgan’s balance sheet.
- J.P Morgan beeping up operations in Germany and the larger European Union given that it won’t retain passporting rights after Brexit transition
- 200 London staff to shift to continental European cities of Frankfurt, Paris, Madrid, and Milan
- J.P Morgan targets market share in corporate banking, investment banking, and wealth management in Germany
- The bank has reassigned European hub branches in Paris, Copenhagen, and Amsterdam to oversight by the Frankfurt subsidiary.
- The Frankfurt subsidiary plans to triple its core equity by the end of the year to reach 16.7 billion euros.
J.P. Morgan will become the sixth-largest bank in Germany based on large commercial lenders’ assets after shift. JPM: Nyse is down 0.32%, EURGBP is down 0.28%, GBPUSD is down 0.01%