JPMorgan to move USD 234 billion worth assets to Germany before Brexit
Category: #headlines  By Nikita Chaurasia  Date: 2020-09-25
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

JPMorgan to move USD 234 billion worth assets to Germany before Brexit

 

  • JPMorgan indicated plans to expand its hub in Paris by reassigning services based in London post Brexit
  • The bank plans on completing the migration of its assets to the Frankfurt subsidiary by the end of 2020

As per reliable sources, American multinational investment bank and financial service provider, JPMorgan Chase & Co. has recently made it to the headlines for moving assets worth around USD 234 billion (2 billion Euros) from United Kingdom to Germany as a result of Britain’s exit from the European Union.

The bank reportedly indicated plans to expand its hub in Paris by reassigning services based in London post Brexit. Apparently, JPMorgan plans on completing the migration of its assets to the Frankfurt by the end of 2020. However, the bank was unavailable for additional details regarding the development.

Although details regarding the type of assets JPMorgan is moving are unknown, sources close to the matter claim that the bank is transferring cash and financial securities such as bonds and stocks to the German units.

Besides JPMorgan, other leading banks have also apparently chosen to strengthen their operations in Dublin and Frankfurt. In fact, Barclays plc, a leading British investment bank, has reportedly moved 200 billion euros worth of assets to Dublin last year and has also reallocated its European headquarters.

If sources are to be believed, the clients of these banks will now be required to trade directly with the lenders’ local banking entities instead of the U.K.-based subsidiaries.  In this context, experts claim that the banks that are using Brexit as a gateway to the European Union will be required to prioritize serving the existing EU customers over Britain’s citizens.

In other news, the Finance Minister of U.K has reportedly announced a new emergency package measure, namely the Job Support Scheme, in order to contain the growing unemployment rate in the UK amid the COVID-19 pandemic.

Source credits: https://uk.reuters.com/article/instant-article/idUSKCN26E1GK

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Nikita Chaurasia     twitter

Nikita Chaurasia

Having always been daft at wordplay, Nikita Chaurasia, post the completion of post-graduation, commenced her journey into the content generation cosmos. Endowed with a professional MBA degree in Advertising and Public Relations, Nikita strives to integrate her creativ...

Read More..

More News By Nikita Chaurasia

U.K. govt to cut BBC funding, caps viewer fees over inflation concerns

U.K. govt to cut BBC funding, caps viewer fees over inflation concerns

By Nikita Chaurasia

The British government is reportedly planning to curtail funding for the British Broadcasting Corporation (BBC), by putting a cap on the fees paid by viewers to watch the broadcasting channel for two years. According to reports, the inflation rate i...

Gmail becomes Google’s fourth app to exceed 10 billion installations

Gmail becomes Google’s fourth app to exceed 10 billion installations

By Nikita Chaurasia

The Google Play Services app, Google Maps, and YouTube are the other Google apps to achieve this milestone. Gmail was introduced back in 2004 and has since been integrated with various new features. Sources with relevant information stated that...

Quebec to levy health tax on citizens not vaccinated against COVID-19

Quebec to levy health tax on citizens not vaccinated against COVID-19

By Nikita Chaurasia

Quebec will reportedly impose a health tax on citizens who are unvaccinated against the coronavirus. The Canadian province, which has witnessed a massive number of COVID-19 related deaths in Canada, is currently battling a huge rise in the number of ...