JPMorgan leads $283 billion Brexit shift to Frankfurt
Goldman Sachs, JPMorgan, Morgan Stanley and Citigroup have presented plans to increase assets held through their Frankfurt subsidiaries tenfold after Brexit to comply with the requirements
Frankfurt: The major US investment banks are planning to shift about €250 billion ($283 billion) of balancesheet assets to Frankfurt because of Brexit, several people briefed on the matter said. Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Citigroup Inc. have presented plans to increase the assets held through their Frankfurt subsidiaries tenfold after the UK’s exit from the European Union to comply with requirements, the people said. They asked not to be identified discussing private information.
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