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

Nokia partners with LG Uplus to expand 5G coverage in South Korea

Nokia partners with LG Uplus to expand 5G coverage in South Korea

By Nikita Chaurasia

Finnish telecommunications giant Nokia Corporation has reportedly signed a joint venture agreement with LG Uplus, a prominent cellular carrier, to expand 5G coverage in South Korea. The duo intends to achieve this by deploying Nokia’s end-to-e...

Mercedes-Benz unveils the S-Class of EVs, comes with a 56-inch display

Mercedes-Benz unveils the S-Class of EVs, comes with a 56-inch display

By Nikita Chaurasia

Mercedes-Benz, a German multinational automaker of luxury and commercial vehicles, has unveiled its flagship electric sedan, the EQS. The new vehicle is likely to allow Mercedes to take on Tesla Inc., as the market for electric vehicles (EVs) continu...

Ford takes on GM, Tesla by debuting its first hands-free driving system

Ford takes on GM, Tesla by debuting its first hands-free driving system

By Nikita Chaurasia

Ford Motor Company, the American multinational automaker, is reportedly planning on introducing a hands-free driving feature on its 2021 Mustang Models as well as 2021 F-150 pickup truck through a software update, by the end of the year. The automob...