JPMorgan, Goldman Sachs among US banks to increase Frankfurt presence following Brexit

By Block Scientific Inc

Major US banks are set to move a total of $283bn (€250bn) in their assets to Frankfurt as they reduce their existing UK hubs thanks to Brexit, Bloomberg has reported.

Financial giant JPMorgan Chase is set to lead the way in the mass migration, accompanied by Goldman Sachs, Morgan Stanley and Citigroup. This is set to take place after the UK’s exit from the EU, as the banks will set up German bases in order to comply with regulations.

See also:

Amazon, JPMorgan, Berkshire Hathaway appoint CEO of joint healthcare venture

JP Morgan Chase to build new New York HQ

Read the latest issue of Business Chief North America!

Each of the four banks will increase assets held by their Frankfurt subsidiaries almost tenfold, according to Bloomberg’s sources. Citigroup has already made Frankfurt its EU trading hub while JPMorgan, Goldman Sachs and Morgan Stanley all state they intend to do the same.

Bank of America Merrill Lynch, however, while also taking operations out of London, has looked to Paris to base its EU operations.

Last year, JPMorgan’s leadership announced that it would move hundreds of its staff from London to its offices in Dublin, Frankfurt and Luxembourg to make EU operations easier after Brexit. CEO Jamie Dimon stated in July 2017 that it made sense to choose Frankfurt as a hub due to existing licenses.

Share

Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI