JPMorgan to 'move €200 billion assets to Germany' due to Brexit

23 September 2020, 15:24 | Updated: 23 September 2020, 15:27

JPMorgan Chase & Co plans to move €200 billion (£184 billion) worth of assets to Germany as a result of Brexit, it has been reported.

According to Bloomberg, the US bank will finalise the migration of assets to the Frankfurt-based subsidiary by the end of the year - before the UK comes out of the transition period with the EU.

The move would also mean JPMorgan would become the sixth-largest bank in Germany.

Sources who claim to have knowledge of the situation have not specified what assets will be moving to Germany, but they are thought to include cash and financial securities such as stocks and bonds.

An increasing number of banks have been increasing their operations in Europe ahead of the 31 December transition deadline.

Barclays earlier said it would be moving its European headquarters and €200 billion assets to Dublin.

JPMorgan previously announced 200 of its London staff are being asked to move abroad to cities such as Paris, Frankfurt, Milan and Madrid, so they can continue working for their clients without being restricted by issues with passports.

A spokesperson for JPMorgan has so far declined to comment on the reports.