As per the Bloomberg report, JPMorgan Chase & Co (JPM) intends to shift 200B euros (US $233.76 B) from the UK to Germany ahead of Britain’s exit from the European Union. The bank plans to migrate the assets to its Frankfurt-based subsidiary by the end of 2020.
The bank has also announced to expand its Paris hub as part of plans to relocate some services from London after Brexit. Banks working with Britain as a gateway to the European Union are expected to fully execute their plans for serving EU customers before the Brexit transition period ends in December.
JPMorgan Chase & Co (JPM) is a global financial service leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and commercial banking. To learn more about JPMorgan Chase & Co. (JPM) and to continue to track its progress please visit the Vista Partners JPMorgan Chase & Co. Coverage Page.
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