JPMorgan Chase & Co is moving about 200 billion euros ($234 billion) of
assets from the United Kingdom to Germany as a result of Britains exit
from the European Union, a source familiar with the matter said on
Wednesday.To get more news about WikiFX, you can visit wikifx official website.
In January, the bank had also announced it would significantly expand its
Paris hub as part of plans to relocate some services from London after
Brexit.
The shift sees JPMorgan follow similar moves by other big banks in Britain,
as regulators in continental financial hubs such as Frankfurt and
Dublin urge banks to book their assets locally.
The source did not specify what type of assets JPMorgan was moving to Germany, but for
banks making similar moves, it would typically include cash and
financial securities such as stocks and bonds that banks hold in
inventory for clients to trade.
